"Tweaking" Social Security

[Gadawg73]

1st of all social security is financed with 15% OF A WORKER'S PAY.
The matching part is Bull Shit. The employer just deducts that from WHAT YOUR WAGE WOULD HAVE BEEN.
And this thread is not addressing the real problem.
IT IS MEDICARE

 

[Gadawg73]

It needs to be tweaked out of existence.

What about the $300,000 or so each of us contributed to the US pension plan? What are we supposed to live on after we retire?

Tweak this.

I remember the famous words of Otter from Animal House...

"Ya fucked up....Ya trusted us".

Social security was never intended to be your retirement.
Social security was enacted when the average life span for a male was 58and a woman 60.
Social security was enacted as insurance IN CASE you lived longer, as a small suppelement to insure you could eat.
If you rely on social security to retire on and did not save you were very stupid. No one can live of social security even now.

 

[Polk]

And that's really what this is all about: Control over the hoi polloy by an elite few, who ostensibly "know better" than they.

My God, your reading comprehension is terrible.

My reading comprehension is just fine.

The end game is control...It's nice to see someone of your ilk finally admit as much.

Where did I mention anything about a desire to control? I didn't. I was replying to a previous poster's suggestion of forced contributions to private accounts, and pointed out that's little different from the current system.

 

[Chris]

On its current path, Social Security is projected to run out of money by 2037, largely because of baby boomers reaching retirement.

“Modest changes can be made over time that will keep the program in surplus,” Kohl, D-Wis., told the Associated Press. “They are not draconian, as the report points out, and they can be done and will be done.”

The committee is scheduled to release its report today. The report, obtained by the Associated Press, lays out options for fixing Social Security but doesn't endorse any of them.

Kohl said legislators will probably combine several options to ease their impact. No action is expected this year, with midterm congressional elections looming in November.

Social Security is financed by a 6.2 percent payroll tax on wages below $106,800. The tax is paid by workers and matched by employers.

The entire $5.3 trillion shortfall over the next 75 years would be wiped out if payroll taxes were increased by 1.1 percentage points for both workers and employers. It would also disappear if Congress started taxing all wages, not just those below $106,800, the Senate report said, citing projections by the actuaries at the Social Security Administration.

On the benefits side, more than three-fourths of the shortfall would vanish if Congress reduced annual cost-of-living increases by 1 percentage point each year.

About 23 percent of the shortfall would be gone if Congress gradually increased the age when retirees qualify for full benefits from 67 to 68. Nearly a third of the shortfall would disappear if the full retirement age were gradually increased to 70.

The panel's report will be presented to President Barack Obama's deficit reduction commission, which is expected to review all programs in the search for savings.

Report says Social Security needs only ‘tweaks' | Business | Chron.com - Houston Chronicle

Predictions?

Americans are becoming so fat that most of them won't collect much Social Security.

Double Dutch chocolate will save America.

 

[kyzr]

We need to move towards a Chilean style model: Payroll deductions go into personal accounts which are owned by the individual and an asset that can be passed along to heirs.

The government has proven that it cannot be trusted to preserve funds in a Trust Fund. All SS and Medicare taxes have done is to provide a Huge Pile Of Other People's Money for our political class to abuse for the benefit of themselves and their cronies.

The boomers expect the Feds to send out their SS checks on time and in the amounts EARNED. These next elections should really focus the battle between the "haves" and the "have nots". If you want a private account start an IRA, no one is stopping you. State pensions are a mess, toss them into SS too, with the congressmen.

I'd love to see all of Congress on Medicare. That would fix it real fast.