Skip to comments.Some Thoughts for Social Security Reform to Reduce Abortion Demand and to Increase Contributors
Posted on 07/03/2018 11:32:31 AM PDT by Brian Griffin
It would also steer Social Security towards the old-fashioned way of children helping their parents in their old age.
I would add three years to each way to get standard Social Security payouts, i.e. full standard benefits would be payable at 70 instead of 67.
Instead, for the three years,
(1) the last year, 69, would be 50% of the SE/FICA taxes paid for the third & fourth best calendar years by the best SS contributing natural child (and its employer(s)) of the SS recipient, prior to age 55 of the recipient,
(2) the penultimate year, 68, would be 50% of the SE/FICA taxes paid for the third & fourth best calendar years by the second best SS contributing natural child (and its employer(s)) of the SS recipient, prior to age 55 of the recipient, and
(3) the initial year, 67, would be 50% of the SE/FICA taxes paid for the third & fourth best calendar years by the third best SS contributing natural child (and its employer(s)) of the SS recipient, prior to age 55 of the recipient.
A parent would often want to have three children and to have them fairly young.
For a mother pregnant at age 18, a newborn would be around age 36 when she is 55 and generally be a fairly good earner.
For a mother pregnant at age 15, a newborn would be around age 39 when she is 55 and generally be a somewhat better earner.
For a mother pregnant at age 25, a newborn would be around age 29 when she is 55 and generally be a modest (a few years out-of-college) earner.
Medical providers are supposed to obtain informed consent for major procedures. Providers therefore would need to inform potential abortion patients about the likely loss of thousands of dollars of future Social Security income.
The 50% bit is because mom and dad would normally each be in line for each child's SS contributions.
The third & fourth best calendar years bit is to reduce the incentive and ability to scam the receipt of income to game the system. Public sector employees in NYC and Illinois have final year income boosting down to an art form.
The proposal might be extended to six years, instead of three years, by also using say the fifth & sixth best calendar year contributions from up to three children.
Abortion, by reducing Social Security contributors by around 50 million, has terribly undermined the Social Security system.
If each baby lived, it might have paid about $200,000 on average into the system. Abortions so far will result in about a $10 trillion hit to the system and roughly about a $50,000 hit per old age recipient.
Don't feel too cheated, you saved a lot on school taxes since the mid-1970's. You pay school taxes for kids and they more or less repay you in your old age via Social Security FICA and SE taxation.
Note 1: Since Social Security is so sensitive, this would have to be done by a bipartisan effort like the one circa 1982.
Note 2: Don't expect any action on old age Social Security reform until the Old Age Trust Fund is nearly gone.
Note 3: For each year old age benefits are taken early, the 50% might be reduced by up to 4%, i.e. 46%, 42%, 38%, etc.
Note 4: For those desiring complete privatization of their retirement funding, there is also the possibility of using private sector tontines, which place contributions into pools, to be drawn upon by survivors. Private sector tontines were popular around the beginning of the 20th Century. Social Security is a government-run tontine.
Note 5: In the future, it might be arranged for the kids, when they become adults, to pay the retirement incomes of their teachers via the IRS, to permit a school tax reduction.
That horse has left the barn—too many smart people can do the math on the cost of kids—and too many smart people see the size of the national debt and don’t want their kids to be enslaved by it.
i did not have my kids so i would have free nursing care in my old age. That sounds awfully selfish to me.
I never understood why companies that produce baby/toddler clothes, toys, and all the other things that go along with bringing up a child, never opposed abortion.
Supposedly companies only care about profits and the almighty dollar. Not so - in this case anyway.
Our culture has been poisoned to the point where even self preservation takes a back seat to political correctness.
I stopped reading when you said children should help their parents in old age.
IMO you are talking fantasy land here. That concept went out somewhere in the 60’s - 70’s era. Today it’s many parents helping their kids well into their 30’s & 40’s, where they are so worthless and dependent on freebies they will not be able to take care of themselves, let alone their parents too.
Granted, this is not everyone. For the balance that can afford to take care of their parents we need to adjust our culture to re-accept that concept. Good luck there.
How about we just forget about trying to dream up ever more complicated ways to prompt up a pyramid scheme that is designed to fail?
Since people of my generation are being forced to pay for a system that we will never get a penny from, the sooner it fails, the better, I say. Politicians will never be motivated to get a better system in place until it fails completely.
“Since people of my generation are being forced to pay for a system that we will never get a penny from, the sooner it fails, the better, I say.”
The Social Security system gets revenue of ~$800 billion/year.
People could tell Charles Ponzi to take a hike, but the federal government insists on its take.
“Politicians will never be motivated to get a better system in place until it fails completely.”
Take out the word “completely” and I’ll agree.
Are you going gen a parent!
I dont want to be a burden on my children. Your idea is tin foil hat, planned economy crap
“IMO you are talking fantasy land here.”
Parents would get a partial refund of the FICA & SE tax paid by their children.
FICA tax is withheld by the childrens’ employers as per federal law on their wage and salary income.
It’s not based on charity from the kids, it’s a tax refund.
So, you are ignoring hundreds of thousands of years of human evolution because the past 40 years people have had the luxury of pawning their responsibilities off on government. Let me clue you in....
Humans will be on this earth for a long, long time. It won't always be as rosy as the American century and the few decades that come after it.
Sooner than you may think, we will be back to the millennial old tradition of children taking care of their parents in old age.
We can either mold society to better reflect our instincts and natural inclinations now or we can continue to live in a fantasy land and pretend that nameless, faceless government bureaucrats know how to care for our elderly better than their children do until we are smacked in the face with the realization that they can't.
LOL...Who do you think will be paying SS taxes when you are drawing SS?
“I dont want to be a burden on my children.”
The burden was placed on them back in 1935 and with every FICA/SE tax hike since.
The FICA/SE tax burden isn’t being increased.
The FICA/SE tax burden is federal, it’s not something you or your kids have a say in.
For those three years, you can mail the refunds from the taxes they paid and got refunded to you, to them, if you want.
Step away from your keyboard Brian. Stewie must have tightened your collar to much.
“scheme...designed to fail”
Social Security is not failing by design, it’s failing almost entirely because of Roe v. Wade.
Currently, 50% of your SS taxes are paid by you. 50% come from your employer. Nearly all of these funds are immediately turned around and paid out to current SS recipients.
In the future this would remain the same except for the fact that you could now earmark the 50% that comes from you to go to a specific individual or individuals instead of going to random old people you don't know.
Let's say Granny and Grandpa were supposed to get $24,000 from SS this year.
25 year old Johnny who makes $50k can send his personally paid SS taxes ($3,100) to Granny and Grandpa instead of giving it to FedGov. The other $3,100 of his SS taxes will still be paid by Johnny's employer to FedGov.
Granny and Grandpa can take 50% of their allotted disbursement from FedGov ($12,000) and then take as much as their kids and grandkids (or anyone else who loves them) can give them. They might be getting $6,200 from one son who makes $100K and $12,400 from a daughter who's husband makes $200K but has no elderly relatives of his own and $1,860 from each of their 4 other younger grandkids who only make $30K per year and $3100 from a nephew who makes $50K and who's parents are both deceased.
That would be $12K from FedGov + $6200 + $12400 + $1860 +$1860 + $1860 + $1860 + $3100 or......$41,140 (compared to $24K)
The kids and grandkids would notice no difference to their paychecks what so ever. Granny and Granpa would be rewarded for raising successful, productive children and grandchildren.
If there is another elderly person who was not as successful, they can just take their normal disbursement that they would have been entitled to in the first place.
I am in my mid 40's and I have been dreading for a while the fact that when I am old and feeble, I will be fully reliant on the good graces of the 3-M's to support me....
Mexicans Muslims and Millenials
I would much rather prefer relying on my kids.
“The Social Security system gets revenue of ~$800 billion/year.
People could tell Charles Ponzi to take a hike, but the federal government insists on its take.”
That sounds impressive but it really doesn’t change the ultimate fact that people my age will never see a penny of it (unless we game the system by claiming a disability to get the money now). We’ll still be expected to keep paying in our whole lives, but the system won’t be solvent by the time we can claim benefits.
There was a point where that fact could have changed, but we have past that point a while back because the politicians would not do anything to fix it. Now it’s too late, the math won’t work any way you slice it.
You presume more than you have evidence for
Not my doing if Im not drawing. Hence I will not be a burden
When it was created, there were over 150:1 people paying in to each person receiving benefits. That ratio is now below 3:1. Thanks largely to Social Security and other entitlements, the U.S. has over 200 trillion in unfunded liabilities, a 21 trillion national debt, to a $18.5 trillion GPD that has fiance all the debt.
Social Security was really a tax sold as a safety net. Now that safety net is going to eventually bankrupt us. No economic system that can survive consuming more than it produces. Most solutions to Social Security talk around or ignore that fact. The only way to fix this is to gradually phase it out, make it voluntary or end it entirely, and live with the fact we as a nation we can't spend our way out of every problem we have.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.