Killing SS is, I think, a good thing. SS is the 2nd reason that the demondogs need huge numbers of immigrants. They need them to keep the Ponzi scheme going a few more years.
Abandon SS go to a Chilean model.
I’m thinking that too. Maybe the Ivanka-plan would be the straw that finally lays Social Security to rest.
What we should be doing is encouraging a private savings plan for all people entering the work force. The Ivanka-Rubio plan would do the opposite. Instead of forcing new workers to confront their long-range retirement needs, it strengthens the constituency among new workers while vastly increasing the financial burdens on the system.
That’s a pipe dream, it is political suicide to try and get rid of social security. Consider this, for 23% or married retirees and 43% of single retirees SS makes up 90% of there retirement income, and those people vote. Not only do those people vote, but when you tell their adult children that mom and pop are going to have to move in with them when social security is killed they will vote to.
As far as taking some of a persons social security tax and investing it, you then have to borrow more money to cover the loss of that revenue into social security.
So what do we do? Well here is my plan to fix social security.
Social Security is our biggest budget item, and the social security trust fund is the largest part of our debt (16%). Here is how I would change the social security law.
1.I would create a minimum insurance amount of $1500 and a maximum insured amount of double the minimum.
2. I would make all income subject to the social security tax. (Right now only the first $114000 is taxed.
3. The social security trust fund would be eliminated off the books. (It’s an accounting gimmick anyways, the bonds can only be redeemed to the government.)
Like any good compromise there is something for both sides to love and hate. The Democrats get to brag about the new minimum insured amount and that they raised taxes on the “rich”. Conservatives can brag about helping to make the budget more balanced and reducing the national debt by 16% or 3.2 Trillion dollars. No one comes away completely happy and no one comes away without something. But I now believe conservatives don’t really want to balance the budget or reduce the debt anymore than liberals want to.