Posted on 02/03/2019 7:09:40 PM PST by Theoria
After years of Republican-led debate over how to pare back Social Security’s 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 ...
“End Social Security.”
Sounds like the pre-Trump GOP talking, the party that wrote off the blue collar whites of the the Rust Belt. Yup, let them retire into poverty.
Add in 22% federal and 9% state taxes and we get 78% tax rate on your earnings. So the government takes 4/5ths of your earnings. So what? Vibrancy does not come without a price!
It was a bad idea from the beginning.
You’re perfectly free not to apply for your Social Security benefits.
The Dems will make sure they get a 25% cut before you get any money
Funded by billionaires and fuel tax?
I believe this will end up being another piggy bank for the democrats to rob. This is why they insist on building up these funds that are kept in lock boxes.
Given life expectancies, its Black men subsidizing Asian women.
In other words, its raaaaaaaccccsssssiiissstt
no account with your name on it with money put back for you. That money has already been spent.
Actually, what there are, are treasury bonds purchased by the Social Security Trust Fund. They are backed by the same full faith and credit of the government, as the T bonds in your IRA. Unless you think, or believe the government shouldn’t pay you on those bonds in your retirement accounrt, there’s no logic in saying that Social Security’s bonds are worthless.
They always bitch about how money is running out for Social Security. They never bitch about welfare money running out.
There is nothing secure about Social Security.
There are no Treasury bonds, just IOU’s. To get money they have to cash in the IOU’s and sell new bonds to get that cash. All the surplus SS money was spent a long time ago on Social Welfare Programs. LBJ took that money a long time back.
That money you have been paying has been spent. The money for your check will come directly from the pockets of younger, working people. The best thing to do now is to stop the scam now. It’s the only moral, constitutional choice.
There will be a great additional cost if this is done, the cost of reestablishing older people in other programs so they don’t starve to death or die of exposure. Probably cheaper to just keep it. The payments are minuscule anyway.
I'd be perfectly happy with a lump sum refund, or failing that, they could force the people that have been living off my money all these years to give me their stuff!
Expansion and Solvency are mutually exclusive.
...
So are Democrats and logic.
The best thing to do now is to stop the scam now. It’s the only moral, constitutional choice
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
I agree. Anyone who enters the workforce from now on should not have to pay and never be able to collect.
We have all lost from the Socialist Insecurity experiment.
We paid into it, as did our employers, for decades. The people benefiting from it the most are those who are one generation younger, who no longer have to support their parents.
They have stolen it... they only have one way to pay you back... and that is by taxing you again. It is theft
There are no Treasury bonds, just IOU’s
Nope. They are treasury notes. They’ve been disparagingly called “IOUs” by Koch Brothers and other libertarian propagandists, but they are bonds that have, by law, a higher claim on federal repayment than Treasury bonds sold to individuals.
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.