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All Washington seems to be buzzing this week over a single question: Is Sen. Mitch McConnell (R-Ky.) deliberately trying to throw the election to the Democrats?
At the root of the debate are interviews the Senate majority leader gave to Bloomberg and Reuters on Tuesday and Wednesday. McConnell identified “entitlements” — that’s Washington code for Social Security, Medicare and Medicaid — as “the real drivers of the debt” and called for them to be adjusted “to the demographics of the future.”
Translation: He wants to cut benefits.
I'm not seeing that as a proper "translation" but then I've come to expect such tripe from the Liberal LA Times.
Quote:
Originally Posted by carcrazy67
It would appear that unlike most of the left, Mitch actually understands the math! Entitlements must be addressed...you can't keep kicking the can down the road forever!
Quote:
Originally Posted by Goodnight
If you read the recent budget reports on SS and Medicare both paying out more than they take in over the next 10 years, something needs to be done with these programs.
It is being addressed.
The Democrats have introduced a Bill that would fix Social Security forever.
I'm not completely happy with the Bill, but could I live with it? Sure, I could live with it.
The Bill would step-increase the FICA payroll tax exactly as I've been saying it needs to be increased for the last 10 years.
That will fund Social Security in perpetuity, with no more tax increases for the next 150 to 200 years.
The ratio of workers to beneficiaries is 2.8:1 and it will decline to 2.3:1 and remain in the range 2.3-2.0:1 for the next 150 to 200 years.
Once you attach a tax level to that, it's funded forever.
The rest of the Bill is Liberal feel-good pet projects.
The Social Security wage/salary cap will remain in place and be adjusted with the Average Wage Index as it has been since 1983.
The FICA tax is then applied to a second level of taxation for wages/salaries in excess of $400,00/year floating with the Average Wage Index, meaning in the 2nd year it'll be probably $400,300 and then $400,550 and then eventually 20 years from now about $450,000 and it will keep going up.
That will generate an additional $120 Billion to $122 Billion per year, which will be used to fund an offset scheme for low wage earners and those who do not get 100% of their benefits.
If you only work 29 years, you do not get 100% of your benefits, you only get 82% of your benefits.
The offset will provide a sort of "wage credit" so their benefits are calculated as 32 years instead of 29 years, so that they would get 91% of their benefits instead of 82%,
And, it will be used to modify the Primary Insurance Amount, which is currently 90% of the first $926 of your average monthly indexed wages
The PIA is determined by the Average Wage Index, which is usually published in late November/early December, and this would take the 90% and modify it for low wage earners, so their PIA is a little higher.
I suspect the Democrats would be willing to sacrifice the feel-good provisions in order to get the FICA increase and solve the problem.
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Originally Posted by elvis44102
as i understand it bill Clinton and newt Gingrich had some sort of deal till the monica lewinsky scandal hit...Monica save social security then...i dont know if shes still available anymore
There was no deal.
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Originally Posted by Taz22
Raising the retirement ago to 70 is a good idea.
Yeah, sure, if you want a 14.5% perennial unemployment for the next 100 years.
Quote:
Originally Posted by BeerGeek40
Social Security begins tapping into the surplus next year, ...
Um, it's been tapping. Last year you lost $25.4 Billion.
Abolish socialism.
There, fixed it.
NO entitlements, grants, welfare, medicaid, medicare, SS, pensions or other charity from the public treasury.
NO more taxes, rules, administrative overhead on hiring labor or operating a business.
Socialist slavery is not a viable remedy to the ills of mankind. Taking surplus from the producer to give to the consumer results in less surplus, as the donor stops making more than he needs. The end result is shared poverty and misery.
Abolish socialism.
There, fixed it.
NO entitlements, grants, welfare, medicaid, medicare, SS, pensions or other charity from the public treasury.
NO more taxes, rules, administrative overhead on hiring labor or operating a business.
Socialist slavery is not a viable remedy to the ills of mankind. Taking surplus from the producer to give to the consumer results in less surplus, as the donor stops making more than he needs. The end result is shared poverty and misery.
Thank you for the applause.
Exactly so, which is why I shuttered my business, laid off my employees, and retired early. I have enough, and I simply refuse to be a tax slave anymore.
Does not matter who is in the White House, Social Security and medicare are unsustainable and time IS running out. Reform will happen, the only question is how and how soon.
Always got money for war and war toys, always got money to give to other countries but we cant seem to be able to keep social security and Medicare going.
Always got money for war and war toys, always got money to give to other countries but we cant seem to be able to keep social security and Medicare going.
None of that should be happening. The US is neither the world's police nor the world's piggy bank. It's a complete disgrace that both political parties continue both farces at the taxpayers' expense.
Hey, Congress... Wanna play world police? Use your own money to pay for it. Wanna drop money from helicopters all over foreign countries? Use your own money to pay for it.
Bill Clinton NEVER should have signed the Iraq Liberation Act in 1998. The US has NO business whatsoever invading other countries and deposing their leaders.
Always got money for war and war toys, always got money to give to other countries but we cant seem to be able to keep social security and Medicare going.
It may help to understand the situation since 1933. In 1933, the government went bankrupt and repudiated redeeming their IOUs with lawful money. (See House Joint Resolution 192, June 1933). Pursuant to 12 USC sec. 411, the only way to authorize MORE dollar bills (IOUs) is to run a deficit. Otherwise, the money token supply is stagnant, and an economic bust soon follows. (1999-2000 dotcom bust, for example). Since dollar bills are borrowed, at usury, into existence, more money tokens must always be authorized to pay that usury. Hence, perpetual deficits. And an unWar is an ideal excuse for perpetual deficits.
Whereas, socialist entitlements can never be funded by borrowing from future taxpayers, with the implicit obligation to pay ever higher taxes. That leads to counter revolution, and the People's Democratic Socialist Republic knows how bad that can be.
Also, what gets cut does not get given back to tax payers. It gets redistributed to another program or to their favored corporation. So no, your taxes would not go down.
I have looked at all the bills when they reduced food stamps or added new requirements.
I kid you not, on everyone of them, there was an increase to Corp Ag subsidies so they would not feel the pain.
Abolish socialism.
There, fixed it.
NO entitlements, grants, welfare, medicaid, medicare, SS, pensions or other charity from the public treasury.
NO more taxes, rules, administrative overhead on hiring labor or operating a business.
niy
Socialist slavery is not a viable remedy to the ills of mankind. Taking surplus from the producer to give to the consumer results in less surplus, as the donor stops making more than he needs. The end result is shared poverty and misery.
Thank you for the applause.
Socialism, seriously? I have paid into Social Security and Medicare ever since I was a teenager.
Hardly, an entitlement, since I paid into it. I have never taken anything from society, I have never taken welfare, food stamps or medicaid or anything like that. But this...
Spent decades and decades paying into that.
I have paid into it all my life!
They have some nerve give massive tax breaks to the billionaires and corporations and talk about
taking away people who have worked their entire lives paying into that system largest means of retiring away!
The day slimy McConnell and the rest of them, try abolishing that, I say is time to have a second revolution!
Damn Greedy politicians, are owned by the corporations and billionaires...they all need to be ousted, all of them!
Quote:
Originally Posted by Chowhound
Always got money for war and war toys, always got money to give to other countries but we cant seem to be able to keep social security and Medicare going.
Abolish socialism.
There, fixed it.
NO entitlements, grants, welfare, medicaid, medicare, SS, pensions or other charity from the public treasury.
NO more taxes, rules, administrative overhead on hiring labor or operating a business.
Socialist slavery is not a viable remedy to the ills of mankind. Taking surplus from the producer to give to the consumer results in less surplus, as the donor stops making more than he needs. The end result is shared poverty and misery.
Thank you for the applause.
No applause here. No more rules. Living in your kind of world where the pay would commonly be around $1 an hour would be like slavery. The end result would be shared poverty and misery.
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