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To: sitetest
"I’m willing to accept significant loss of benefits "

Accept? It is already done. The so called benefits do not exist.
32 posted on 10/18/2007 11:44:59 AM PDT by Fred (I am sick and tired of flip flopping politicians and I am not going to take it anymore...)
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To: Fred
Dear Fred,

“Accept? It is already done. The so called benefits do not exist.”

Well, not quite. To fully fund the benefits that we baby boomers have been promised would cost a bit. I’ve read that it would likely require payroll taxes of 35% or more (employer and employee combined). That’s more than double what they are now.

One would hope that folks would rebel at the prospect of paying a third or more of income for payroll taxes to prop up a failed plan. But we should remember the frog in the pot of increasingly warm water. The current payroll tax rate is an order of magnitude greater than the original rate.

But even without a significant increase in payroll taxes, or even any increase at all, Social Security benefits would still be paid, although they’d need to be lowered. No increase in the payroll tax rate would necessitate a sharp reduction in benefits. Small increases in the payroll tax rate would necessitate more modest reductions.


sitetest

34 posted on 10/18/2007 11:56:35 AM PDT by sitetest (If Roe is not overturned, no unborn child will ever be protected in law.)
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