We need a conditional 2 quarter SS tax holiday to improve the job market hiring (unemployment rate, wages)
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I'd like to see the following to put a jolt towards hiring and working again:
(1) Employees pay NO Social Security (6.2%) for 6 months, starting Monday 1/31/2022.
(2) Employers pay NO matching SS if their 1st and 2nd 2022 Quarterly Wages (filed with feds btw) meet or exceed Q1 and Q2 of all 3 prior years. If not, they pay the entire Employer 6.2%.
Continue Medicare 1.45% on both employer and employee.
Wouldn't it be nice if they gave more tax money to people who actually work instead of the parasite class (top and bottom) but you're largely dreaming here.
The Social Security OASI Trust Fund is estimated to be deleted by 2033. The action proposed in the OP would accelerate that date.
The current unemployment rate is 3.9%. US Federal Reserve economists consider the natural rate of full employment to occur somewhere between 4.1% and 4.7%.
The issue isn't that people are looking for jobs and not finding them. The issue is that some employers cannot find employees for the the pay rate and job conditions that they are offering.
The Social Security OASI Trust Fund is estimated to be deleted by 2033. The action proposed in the OP would accelerate that date.
Just abolish Social Security and deposit retirement benefits directly to the employee's 401(k) or IRA. They had 20 years to get their house together and every time I see reports like that they're expected to go insolvent sooner every time. It's unequivocally clear that the whole scheme is going to collapse anyway, stop throwing good money after bad.
Well according to the Biden administration the economy booming, employers are hiring in huge numbers, and there is low unemployment.
With everything going so good according to them, why would they actually take away a tax that they can collect?
Actually, why would they take away a tax even if everything was going bad, that would go against their standard operations.
Employers are begging for workers, offering pay and incentives like never before. Cutting SS won't change anything except further depleting the funds needed for all those boomers who are quitting the work force.
Just abolish Social Security and deposit retirement benefits directly to the employee's 401(k) or IRA. They had 20 years to get their house together and every time I see reports like that they're expected to go insolvent sooner every time. It's unequivocally clear that the whole scheme is going to collapse anyway, stop throwing good money after bad.
No.
Social Security checks issued today are 70% funded by payroll taxes collected this year and 30% funded by the OASI Trust Fund. If today Social Security was abolished and the payroll taxes that support the program were eliminated, then the Social Security checks issued next month will be for only 30% of current benefits and these checks will cease to be issued in 2033.
Depositing the $1.3 trillion into 401Ks and IRA will simply distort the stock markets and bond markets - more dollars chasing the same amount of investments.
Social Security has never failed to pay out benefits. In 2008/2009, all of the retirees who saw their retirement fund balances cut in half were immensely grateful that their social security checks remained stable.
If we eliminated Social Security, then we should also eliminate Medicare. How many seniors on Medicare would like to go out into the health insurance market and try to find affordable health care insurance plans?
Social Security checks issued today are 70% funded by payroll taxes collected this year and 30% funded by the OASI Trust Fund. If today Social Security was abolished and the payroll taxes that support the program were eliminated, then the Social Security checks issued next month will be for only 30% of current benefits and these checks will cease to be issued in 2033.
Depositing the $1.3 trillion into 401Ks and IRA will simply distort the stock markets and bond markets - more dollars chasing the same amount of investments.
Social Security has never failed to pay out benefits. In 2008/2009, all of the retirees who saw their retirement fund balances cut in half were immensely grateful that their social security checks remained stable.
If we eliminated Social Security, then we should also eliminate Medicare. How many seniors on Medicare would like to go out into the health insurance market and try to find affordable health care insurance plans?
So your solution is to throw more good money after bad? Hard Pass. End it now while we have 12 years to insolvency.
Employers are begging for workers, offering pay and incentives like never before. Cutting SS won't change anything except further depleting the funds needed for all those boomers who are quitting the work force.
This.
How does putting a temporary halt on SS taxes help in hiring? Not sure how that prompts people to get to work. There are record numbers of job openings right now, no one is getting "COVID" relief anymore which was the previous excuse as to why no one wanted to get a job. Not sure why people still don't want to take these jobs, but cutting SS payroll taxes won't make a difference. However, as an employed person, sure, I'd life to see my net pay increase as long as I don't have to pay it back like before.
Last edited by ChristineVA; 01-08-2022 at 09:20 AM..
So your solution is to throw more good money after bad? Hard Pass. End it now while we have 12 years to insolvency.
You mischaracterized my post and responded in a manner than confirms your falsehood. I expanded on the financial status of Social Security, yet you appear to have ignored it.
Social Security is not going insolvent.
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