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The President, any President, has no ability to " stand up to the banks" unless Congress is willing to do so.
well... errr.... uhm... idontdisagree...
I would however point out that
Chris Dodd was THIS PRESIDENTS pick to write the bill that was supposed to fix the banking industry....
Chris Dodd who was drummed out of the senate by the good folk of Connecticut because of his mortgage shenanigans with Country Wide. Mr. Obama knew of Dodds dirty dealings when he tapped him to reform the industry he was fornicating with.
Please note, all those involved in the Dodd-Frank bill were democrats including those who decided Dodd should be in charge of the process....
Lie #3: Lifting the cap does not extend solvency. Lie #4: Lifting the cap does not permit expanded benefits.
Statistics of Income Bulletin | Winter 2012
Adrian Dungan and Michael Parisi are economists with the Individual Returns Analysis Section. This article was prepared under the direction of Michael Strudler, Chief, Individual Returns Research Section, Internal Revenue Service.
Referring to Page 12 Table 1. Individual Income Tax Returns, Tax Year 2010 Preliminary Data: Selected Income and Tax Items, by Size of Adjusted Gross Income
We are examining Column 1 Items, specifically lines
#7Salaries and wages: Number of returns #8Amount
For AGI (Adjusted Gross Income) Number of Returns Filed
$100,000 under $200,000 = 2,793,003
$200,000 under $250,000 = 1,401,593
$250,000 or more = 2,435,348
The total number of returns filed for those groups is 16,629,944 returns.
For AGI (Adjusted Gross Income) Salaries and Wages
$100,000 under $200,000 = $1,454,682,235,000
$200,000 under $250,000 = $251,279,279,000
$250,000 or more = $982,361,511,000
The total salaries and wages are $2,688,323,025,000 ($2.688 TRILLION)
Eliminating the cap and taxing 100% of all wages/salaries would yield....
However, a portion of those wages/salaries are already taxed. For simple math, and to give you every possible benefit of doubt, we'll use $100,000 as the "cap." The total amount under the "cap" is....
16,629,944 * $100,000 = $1,662,994,400,000
The amount FICA payroll taxes already collected is...
$166,676,027,550 ($166 Billion)
$103,105,652,800 ($103 Billion) less
-----------------------
$63,570,374,750
So $63.5 Billion is the amount of additional FICA tax revenues raised by eliminating the cap.....in theory, because....
In particular, the calculation of the necessary tax rate assumes that an increase in payroll taxes results in a small shift of wages and salaries to forms of employee compensation that are not subject to the payroll tax.
...so say the Social Security Trustees (and they are correct).
As you can all see, eliminating the cap will not solve the problem. You will need to raise the FICA tax rate.
I guess I should point out that in November 2012, Social Security paid out $64.98 Billion in benefits.
Does that add a little perspective?
By 2025, Social Security will cost at least $1.7 TRILLION per year......or $4,657,534,246 --- $4.66 Billion per day.
In other words, eliminating the cap will pay for about 2 weeks of Social Security. You still have 50 other weeks to cover.
Isn't it awesome how Mircea compares the income of social security, and implies it will be the exact same in 2025? Yeah thats probably completely reasonable right? Sigh. I can't imagine it was an accident.
Bernie Sanders never loaned me money when I needed a car, or a mortgage when I needed a home for my family, or a commercial loan when I bought a property for my business. But he sure knows how to make it difficult for the good people and companies that have loaned me money.
He helped Dodd and Frank write the death sentence for community banks. And he has an appetite to eat even more of this vital industry.
His continuous calls for increased Social Security benefits make me think he real does not agree with this whole "arithmetic" thing.
Chris Dodd was THIS PRESIDENTS pick to write the bill that was supposed to fix the banking industry....
Chris Dodd who was drummed out of the senate by the good folk of Connecticut because of his mortgage shenanigans with Country Wide. Mr. Obama knew of Dodds dirty dealings when he tapped him to reform the industry he was fornicating with.
Please note, all those involved in the Dodd-Frank bill were democrats including those who decided Dodd should be in charge of the process....
And if you recall, when asked about the wording that 'someone' slipped into his bill at the midnight hour to guarantee AIG exec bonuses, Dodd had no idea how it got in there or who did it! Turns out it was the Treaury Dept under tax cheat Geithner who put it in the bill without Dodd's knowledge..if we are to believe Dodd. So was that language to create a straw dog for Obama to rally against or was it a tip of the hat to the goldman alumnae that populated the US treasury dept/IRS?
Was Dodd so irresponsible that he was unaware of the content of the legislation he championed?
What sort of process is in place to modify legislation? Why wasn't Dodd made aware of the change?
All questions the media should have jumped on in a society with a free press not beholding to the latest federal administration.
Sanders unfortunately is the old guy who sits on a couch watching TV cursing at the politicians. No one takes this doddering fool seriously except for a few VT liberals who want to keep VT exclusively for the wealthy.
People retiring today are part of the first generation of workers who have paid more in Social Security taxes during their careers than they will receive in benefits after they retire.
Exactly. Social Security is now a LOSING deal for most workers. Spread the word...
Exactly. Social Security is now a LOSING deal for most workers. Spread the word...
No, they are just dying sooner after retirement at a higher rate. As the program was designed in the first place when life expectancy wasn't much past 65 years old
Bernie Sanders never loaned me money when I needed a car, or a mortgage when I needed a home for my family, or a commercial loan when I bought a property for my business. But he sure knows how to make it difficult for the good people and companies that have loaned me money.
He helped Dodd and Frank write the death sentence for community banks. And he has an appetite to eat even more of this vital industry.
His continuous calls for increased Social Security benefits make me think he real does not agree with this whole "arithmetic" thing.
Bernie Sanders wants everyone looking to the government for financial security.
Overall, yes. But its been shortening over the last few years.
Remember, social security retirement used to be 65. Now its 68, If someone lives to be 75, now you've gone from 10 years payback to only 7 years payback, which is why people are collecting less of the money they paid in.
Overall, yes. But its been shortening over the last few years.
Remember, social security retirement used to be 65. Now its 68, If someone lives to be 75, now you've gone from 10 years payback to only 7 years payback, which is why people are collecting less of the money they paid in.
It staggers from 65 to 67 in 2 month increments based on the year of your birth.
It maxes out at 67. The current crop of retiring boomers get it at 66 (1943-1954)
If you live until 85 you will lose about $50K overall.
This was an AP study done as well as an Urban institute study.
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