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Apply the Social Security tax to all income from all sources and readjust the rate to cover current expenses. Still a regressive tax but better than the current rip-off. The extremely wealth will complain that they will never use any of the benefits but too darn bad. I do not use many of the benefits they receive from the tax system either.
I don't blame the average American
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I Do
ask the average American how many credit cards they have.
I have one,why do I need two,four,six??
The reason I don't is because the average American has never been a saver, has always been a borrower and spender. You can blame someone for being stupid, I guess, but what the Fed, mortgage brokers and realtors did (with the complicity of the Bush admin) has been to put a load of drugs in front of a drug addict, say 'have at it' and expect him to say 'this is bad for me, I shouldn't take it'.
IMHO in order to speak reasonably on the S.S. system we should have some knowledge of the whys, ways, and hows concerning the establishment of the system. There are many references available concerning our senior citizens in the days BEFORE.
In the posts presented I have only read "me, me" diatribe offered as possible alternatives to our S.S. system. I haven't seen a substitute suggested that has the potential to equal our S.S. system which has accomplished enormous social benefit to millions of our people. It is arguably the most beneficial and successful social system ever used in human history. It has strenghtened the fabric of our nation, not weakened it.
There are "leaders" who have assailed the S.S. system in ways that make excellent political fodder. They have attempted a H--- bent effort to distort, even to the extent to further divide our nation by age class on this issue. I imagine the S.S. system doesn't focus sharply enough on the special groups they favor and they just MUST have more morey for special interests and agendas.
I am always amused by the citizens that fall out and join in the thumbs down to S.S. and all things similar.They visualize themselves as part of the special interest groups so favored by the present Adm.
Well, you probably are when it is time to vote. I am quite sure the very largest number of Americans are not even close to being part of the favored.
The powers that be still need us, they are somewhat locked into a system of checks & balances, but they are slowly but surely finding ways to circumvent the system. Creating urgencies for givebacks, detrimental changes, and similar things aid their circumventing manner.
Social Security should mostly go not because it is welfare (although I am not a big fan of that), but rather because it is impractical and will have too few people paying in for the amount of people being paid. It should be replaced with private retirement savings accounts.
Some people say that we should abolish Social Security because it is a form of Welfare. I don't want or need Welfare, but I want back what I put in. The government can just pay me a straight 3% compounded interest on what I ALREADY PAID.
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How about the people on welfare being required to work if they can to keep the welfare? Then they can pay into the system....
Its not really welfare to many that pay in all their lifes. It is welfare to governamnt and many people since soem don't pay in much and governemnt could get the money put in any cheaper.
The reason I don't is because the average American has never been a saver, has always been a borrower and spender. You can blame someone for being stupid, I guess, but what the Fed, mortgage brokers and realtors did (with the complicity of the Bush admin) has been to put a load of drugs in front of a drug addict, say 'have at it' and expect him to say 'this is bad for me, I shouldn't take it'.
Good point. You are right in that the average American has never been a saver. When the average cost of living is greater than what we earn in our respectable parts of the country, and the rich corporations are not willing to pay people a livable wage, I see why people can't save any money, after they have paid their rent, utilities, and food costs.
What's even more messed up is a person, like myself ,who paid into Social Security for about 8 years, and when I retire (which is still at least 20 years away only being 41), I can't draw any of that money because of this rule that says if a person works for a state or government agency that pays out a pension, I can't receive both benefits and this is because I started teaching 16 years ago and now pay into the California Teacher's Retirement System better known as CALSTRS.
I have been blessed enough to supplement my teachers retirement by investing in a 403B plan where I match the 8% that's taken out of my check each month for retirement. Every time I get a cost of living raise, I increase my savings into my 403B account. I rather be prepared when I retire at 60 or 65. I will have the years to retire as early at 55, but with this bad economy I, like many of my fellow generation x'ers, are thinking we gotta work til we are probably 70 now.
Growth in Constant dollars, 2007-2032:
GDP: 71%; Social Security Spending: 127%;
Medicaid Spending: 224%;
Medicare Spending: 235%.
We can't take away the benefits people need, but there is no way we can pay for it.
What that shows is that if the Gross Domestic Product grows at a constant rate like is has for the past couple of decades, we will owe these three programs 586% more than what our country is worth.
We were supposed to have this conversation when Bush was elected in 2000. That money has been spent on wars that have accomplished little to nothing. Our children, our grand-children, and our children's grand-children's money has been spent.
What this shows is Congress & most Americans care more about failing corporations & the Mid East than about ourselves.
Theres no question. We can pay for it. We just dont. Just like anybody can provide for their own retirement, they just dont.
Some people say that we should abolish Social Security because it is a form of Welfare.
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Oh my God....those people are total idiots and have no idea how the system works.
Its YOUR money,you paid into it for years,why shouldn't you get it back?
He is right. It is a form of welfare b/c it is in fact of income redistribution from the rich and middle to upper middle classes to the poor. Poor ppl pay LESS $$ into the system but receive a higher percentage of their contributions back to them when they collect (if they collect, which btw is not a guarantee for anyone.
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S.s.
