Skip to comments.Democrats Push Plan to Increase Social Security Benefits and Solvency
Posted on 02/03/2019 7:09:40 PM PST by Theoria
After years of Republican-led debate over how to pare back Social Securitys rising costs, Democrats are flipping the script with an ambitious plan to expand the New Deal-era social insurance program while making gradual changes to keep it solvent for the rest of the century.
The Social Security 2100 Act, which was introduced this past week in the House and the Senate, represents a sea change after decades dominated by concern that aging baby boomers would bankrupt the government as they begin drawing benefits from Social Security and other entitlement programs. It would be the first major expansion of Social Security since 1972 and the most significant change in the program since 1983, when Congress stepped in to avert a financial crisis by raising taxes and the eligibility age for Social Security.
The bill would provide an across-the-board benefit increase equivalent to about 2 percent of the average Social Security benefit. It would raise the annual cost-of-living adjustment to reflect the fact that older Americans tend to use more of some services like health care. And it would increase the minimum benefit to ensure that workers with many years of low earnings do not retire into poverty.
(Excerpt) Read more at nytimes.com ...
They’re gonna give us all that *FREE MONEY*!
Hooray for the Dems!!!!!
End Social Security. Don’t phase it out. Don’t privatize it. End it. Stop collecting the taxes. Stop sending the checks. It’s unconstitutional. It’s a crime against the rule of law and liberty.
Expansion and Solvency are mutually exclusive.
Add MORE benefits to a government program that is going bankrupt...
What could go wrong?
And how does this get paid for? Will it offend the sensibilities of the likes of Alexandria Ocasio-Cortez if we ask how new government programs get paid for???
Sure. Double the benefits at half the cost. It’s easy, I tell ya!!
Money tree. Go out and shake it. That’s what they all say. They will shake down people to get it.
It was designed as a scam from the very beginning, since the age of eligibility was the same as the average life expectancy at the time it was passed.
Not so fast, professor. I can collect in a little over a year. I owned my own business for the last 40 years so I paid both the employee and employer portion.
I made a deal with the government 48 years ago ( not by choice). They would take money out of my paycheck every week and give some back when I retired. I did my part, they will do theirs.
It’s not a handout, it is an entitlement. I am entitled to the money BECAUSE IT IS MINE. They just borrowed it interest free for decades.
Accountants Hate This One Simple Trick!!
The plan is to increase spending and pretend the money is there. The same plan as before just renaming all the parts and pieces. Social Security will still become insolvent. It will just be a more acceptable insolvency, somehow.
Nothing new. The RAT tax and spend party in its interminable permutation.
Solvency? not a concern of the Democrats, they say the world will end in 12 years
Impossibly to do both things at same time. Increasing benefits, no matter how nice, lowers ( doesnt increase) plan solvency. We are getting very very tired of all these patently false have your cake and eat it too political promises
It's possible. Raise the payroll tax rate to about 47% and the solvency issue will go away. And they would do it if they could.
No all you did was pay those already on SS, they is no account with your name on it with money put back for you. That money has already been spent.
That is why it is not an entitlement, but a tax.
It has been a Ponzi scheme from the beginning.
We should slowly phase it out while converting it to a defined contribution plan instead of a defined benefit plan.
It was a bad idea from the beginning.
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