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Conservative think tanks and the Republican party have a strategy to convince the American people that Social Security is close to bankruptcy. They have also mounted a campaign to raise the retirement age. In a time where the average American over fifty five would find it nearly impossible to find a job with the same value, raising the SS eligibility age seems counter intuitive. As it is, those who are older and laid off are using savings that would otherwise be used at a later age.
Another solution that you will never hear from the Republicans is to remove the cap on those earnings that are subject to SS tax. Why is this the case? Social security currently withholds 6.2% of your salary with a corporate match. They can't stand this idea and the billionaires won't let them speak of it even if they had the will to.
The Republicans have been talking about "trickle down economics" for thirty years. Removing the cap would be trickle down economics at its best and it would save Social Security. Perhaps if this was adopted it would really look like trickle down wealth instead of table scraps.
Social security really is the third rail. Any serious attempts against it will doom the party responsible. Its all fun and games to talk about it, actually reaching for it will end badly.
Watch Sanders, he gets what you are talking about, and feels that social security should be expanded. Not 100% sure I agree with the expansion, but I do agree it shouldnt go the other way.
LOL. Maybe democrats should take the opposite view. Stop allowing 401K's and roth IRA's, and in exchange allow a higher social security.
Conservative think tanks and the Republican party have a strategy to convince the American people that Social Security is close to bankruptcy. They have also mounted a campaign to raise the retirement age. In a time where the average American over fifty five would find it nearly impossible to find a job with the same value, raising the SS eligibility age seems counter intuitive. As it is, those who are older and laid off are using savings that would otherwise be used at a later age.
Another solution that you will never hear from the Republicans is to remove the cap on those earnings that are subject to SS tax. Why is this the case? Social security currently withholds 6.2% of your salary with a corporate match. They can't stand this idea and the billionaires won't let them speak of it even if they had the will to.
The Republicans have been talking about "trickle down economics" for thirty years. Removing the cap would be trickle down economics at its best and it would save Social Security. Perhaps if this was adopted it would really look like trickle down wealth instead of table scraps.
Sooo.. if Social Security going bankrupt is a right wing myth.. why does it need to be saved?
SS payments are also capped - by removing the income cap, would we also be removing the payment cap? I rarely see this question addressed in discussions about Social Security.
SS was supposed to be a SUPPLEMENT...not your entire retirement! All individuals were supposed to SAVE their own money for retirement....and SS was a supplement....
If this is a big concern why didn't Obama and the democrats in congress fix it in Dear Leaders first two years in office? It, the idea of raising the cap, never came up.
2014 isn't out yet but let's see what would happen if we raised the cap for the 2013 wages, shall we? This way we will see if raising the cap settles the problem.
Using a combined tax rate of 7.65% we would collect an additional $147,177,505,615.39.
For what it is worth we currently collect $358,695,234,446.95. Of course to these numbers we would have to add the employers contribution which basically doubles the tax.
Would just a tad less than $300 billion, when we have a budget of nearly $4 trillion or over 13 times the $300 billion extra, solve the problem?
Or would politicians simply spend the money somewhere else, perhaps in Puppetry Studies at the University of Connecticut for example?
And finally, I would appreciate it if others would go over my numbers... as my wife tells me I make mistakes anytime I am dealing with more than $3.
Conservative think tanks and the Republican party have a strategy to convince the American people that Social Security is close to bankruptcy. They have also mounted a campaign to raise the retirement age. In a time where the average American over fifty five would find it nearly impossible to find a job with the same value, raising the SS eligibility age seems counter intuitive. As it is, those who are older and laid off are using savings that would otherwise be used at a later age.
Another solution that you will never hear from the Republicans is to remove the cap on those earnings that are subject to SS tax. Why is this the case? Social security currently withholds 6.2% of your salary with a corporate match. They can't stand this idea and the billionaires won't let them speak of it even if they had the will to.
The Republicans have been talking about "trickle down economics" for thirty years. Removing the cap would be trickle down economics at its best and it would save Social Security. Perhaps if this was adopted it would really look like trickle down wealth instead of table scraps.
The GOP is very consistent in its agenda to continue to heap resources upon the wealthy while doing all it can to discontinue programs favorable to the public.
Those under forty now have to wait till 70 to collect partial and 75 full. Plus those who have assets and income 2x the poverty level start to have their benefits reduced and 5x poverty level have no SS payments.
This is social insurance and if you have five times poverty income you don't deserve insurance against destitution.
SS was supposed to be a SUPPLEMENT...not your entire retirement! All individuals were supposed to SAVE their own money for retirement....and SS was a supplement....
I think folks forget that!
I think every single business that then cut their pension plans, and reduced the % of cost that was employees massively didnt forget it. They just saw a opportunity to try and convince people not too worry. After all you pay into it all your life, and it will replace the need for a pension! Something that at one point was seen as almost mandatory.
in 1998 60% of fortune 500 companies offered defined benefit plans. by 2013 that had dropped to 24%. And those are for the biggest companies, whose plans werent offered to everyone.
Basically people didnt forget it, but businesses turned it into the replacement.
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