Cuts to SS and Medicare

[Markle]

Newsmax ? Ha ha the conservative bullshit thrower is your reference. They push all the shit you support from election denial to AGW denial.

Then be a hero to your far-left wing friends and show us all which of my bullet points are lies.

You cannot, so whine.

 

[Hutch Starskey]

#1 I never made a claim that SS benefits were based on anything other than FICA eligible taxes (i.e. contributions).

#2 OK, what is your solution to solve the projections that the SS Trust Fund will be depleted by 2035 and at that point seniors will receive a 20-23% reduction in checks because incoming revenue will be the sole source of payments. What is your solution that is (a) politically doable and (b) doesn't cut benefits.

WW

You keep claiming some imagined inequity while proposing a very real and unreasonable inequity as some sort of solution.

 

[WorldWatcher]

You keep claiming some imagined inequity while proposing a very real and unreasonable inequity as some sort of solution.

OK, what is your solution to solve the projections that the SS Trust Fund will be depleted by 2035 and at that point seniors will receive a 20-23% reduction in checks because incoming revenue will be the sole source of payments. What is your solution that is (a) politically doable and (b) doesn't cut benefits.

The conditions of your solution then should easily be able to exclude any actual or perceived inequity in it's application.

Feel free to lay it on the table.

WW

 

[Hutch Starskey]

OK, what is your solution to solve the projections that the SS Trust Fund will be depleted by 2035 and at that point seniors will receive a 20-23% reduction in checks because incoming revenue will be the sole source of payments. What is your solution that is (a) politically doable and (b) doesn't cut benefits.

The conditions of your solution then should easily be able to exclude any actual or perceived inequity in it's application.

Feel free to lay it on the table.

WW

I already did. You just continue to ignore it.

Everyone contributing shares the costs and or cuts equally.

You and others need to realize that SS is not meant to be anything other than a supplemental retirement income. Everyone has had their entire lifetime to plan their retirement. No one is forced to be dependent on SS.

 

[WorldWatcher]

I already did. You just continue to ignore it.

Everyone contributing shares the costs and or cuts equally.

You and others need to realize that SS is not meant to be anything other than a supplemental retirement income. Everyone has had their entire lifetime to plan their retirement. No one is forced to be dependent on SS.

That isn't a plan (which protect against inequality). That is a bumper sticker.

So provide a plan with some details to then let us discuss, such as:

• Raise the retirement age? (Which is a benefit cut.)
• Cust benefits (i.e. reduce the amount paid in checks)?
• Increase the Tax Rate on employees?
• Increase the Tax Rate on employers?
• Increase the Tax Rate on employees AND employers?
• Raise earnings caps (which you don't like)?
• Implement a new SS Tax on non-wage income such as interest, dividends, short term investment trades (stocks, commodities, etc.), long term capital gains?
• A new national sales tax to fund the shortfall?

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.
.
.
.
.
We have:

• Raise the Full Retirement Age (FRA) to 70 immediately to cut benefits years and reduce expenditures to be able to have an impact over the next decade. Sorry if your 65 now you are screwed. (Not politically doable as those 45 and holder are the most likely demographic to vote.)
• Raise the FRA to 70 to cut benefit years but grandfather it and phase it in over time (like was done when FRA was raised to 67 from 65 on the Boomers). Problem is that it would be 20 years before those that are now 50 would reach FRA at 70 so the earliest impact is 2045, 10 years after the SS Trust fund runs out. (Politically doable, but doesn't help the looming cuts in 2035.)
• Increase the cap from the current $160K on wages to at least double, probably $500K. Will extend the SS Trust fund beyond 2035 and is politically doable.
• Implement a small SS Tax on other forms of income besides "wages" to include interest, dividends, and capital gains. However in fairness, that portion subject to SS Tax should them be include in benefit earnings also. (I'm not smart enough to (a) know if this is politically doable or if it could be done in time for 2035.)
• Means Testing is another idea that gets floated. But what does that mean. Means testing based on retirement assets? Means testing based on retirement income? (Which are two different things.) How are assets and incomes treated for married couples? What are the levels where means testing kicks in? Will there be a phase out? Will there be grandfathers? (I don't think means testing is politically doable.)
• There is another poster in this threads that proposes a new national sales tax to fund SS and debt reduction. (I don't think that is politically doable.)
• Finally there is "do nothing". Which the projections show the SS Trust fund will be depleted in 2034 and the SSA will only be able to pay 77-80% benefits based solely on current revenues. I pity the politicians in office as there will be a bloodbath (politically speaking, not advocating violence). Take away 20-23% of an earned benefit and there will be hell to pay.

WW

 

[Hutch Starskey]

That isn't a plan (which protect against inequality). That is a bumper sticker.

So provide a plan with some details to then let us discuss, such as:

• Raise the retirement age? (Which is a benefit cut.)
• Cust benefits (i.e. reduce the amount paid in checks)?
• Increase the Tax Rate on employees?
• Increase the Tax Rate on employers?
• Increase the Tax Rate on employees AND employers?
• Raise earnings caps (which you don't like)?
• Implement a new SS Tax on non-wage income such as interest, dividends, short term investment trades (stocks, commodities, etc.), long term capital gains?
• A new national sales tax to fund the shortfall?

.
.
.
.
.
.
We have:

• Raise the Full Retirement Age (FRA) to 70 immediately to cut benefits years and reduce expenditures to be able to have an impact over the next decade. Sorry if your 65 now you are screwed. (Not politically doable as those 45 and holder are the most likely demographic to vote.)
• Raise the FRA to 70 to cut benefit years but grandfather it and phase it in over time (like was done when FRA was raised to 67 from 65 on the Boomers). Problem is that it would be 20 years before those that are now 50 would reach FRA at 70 so the earliest impact is 2045, 10 years after the SS Trust fund runs out. (Politically doable, but doesn't help the looming cuts in 2035.)
• Increase the cap from the current $160K on wages to at least double, probably $500K. Will extend the SS Trust fund beyond 2035 and is politically doable.
• Implement a small SS Tax on other forms of income besides "wages" to include interest, dividends, and capital gains. However in fairness, that portion subject to SS Tax should them be include in benefit earnings also. (I'm not smart enough to (a) know if this is politically doable or if it could be done in time for 2035.)
• Means Testing is another idea that gets floated. But what does that mean. Means testing based on retirement assets? Means testing based on retirement income? (Which are two different things.) How are assets and incomes treated for married couples? What are the levels where means testing kicks in? Will there be a phase out? Will there be grandfathers? (I don't think means testing is politically doable.)
• There is another poster in this threads that proposes a new national sales tax to fund SS and debt reduction. (I don't think that is politically doable.)
• Finally there is "do nothing". Which the projections show the SS Trust fund will be depleted in 2034 and the SSA will only be able to pay 77-80% benefits based solely on current revenues. I pity the politicians in office as there will be a bloodbath (politically speaking, not advocating violence). Take away 20-23% of an earned benefit and there will be hell to pay.

WW

It is a plan. You just don’t like it as well as just having those who make more just secure your benefits for you. Which of course is no plan at all.

I wrote SS out of my retirement planning from the beginning not believing I would ever realize even what the generation before me did. In my lifetime SS eligibility has gone from 62 to 65 to 67 and now you want to take it to 70. No thank you. You will have already added nearly a decade of time onto my generation.

 

[WorldWatcher]

It is a plan. You just don’t like it as well as just having those who make more just secure your benefits for you. Which of course is no plan at all

"Everyone contributing shares the costs and or cuts equally."

That is not a plan its a bumper sticker.

So instead of proposing something to meet your own criteria you would rather just denigrate real proposals? Got it.

I wrote SS out of my retirement planning from the beginning not believing I would ever realize even what the generation before me did. In my lifetime SS eligibility has gone from 62 to 65 to 67 and now you want to take it to 70. No thank you. You will have already added nearly a decade of time onto my generation.

#1 I don't support cutting benefits by raising the age to 70. So you are factually incorrect.

#2 Again you are incorrect (I'm seeing a pattern here). The original Full Retirement Age (FRA) was established in the original act at 65, not 65. I'm also in the camp were it was raise from 65 to 67. So your hyperbole of "added nearly a decade of time onto my generation" is false.

#3 My preferred method is for Congress to realize that income models have changed since 1935. I would add 3.1% (25% of the current SS FICA rate paid be EE and ER's) on all federally qualifying income (Interest, Dividends, Profit from Stock trading, and Capital Gains). Such income would be capped the same way wage income is capped and since the tax rate is 25% of the FICA rate, then 25% of those earnings would be added to SS Income for the year for the calculation of future benefits. Make 100K in wages, SS Tax is 12.4K. Make an additional 100K in interest/dividends/stock trades the SS Tax would be 3.1K. Total amount credited to SS Income for the year is 100K in wages by 25K in non-wage totaling 125K for future benefit calculations.

(See, this is how you present and actual solution idea, instead of just sitting in the back piss and moaning about "equity".

WW

 

[Grumblenuts]

Clearly never understood it. Swears you don't. Doesn't even need it. Keeps making shit up about it. Doesn't care what the purpose really was. Refuses to intelligently address the key question...

One can lead a horse to water, push its head down, jump on its neck..

At some point.. ya just gotta let it go.

 

[Lakhota]

 

[Lakhota]

 

[Dagosa]

Then be a hero to your far-left wing friends and show us all which of my bullet points are lies.

You cannot, so whine.

Newsmax….nothing more then an opinion rag from the far right bullshit slingers.

 

[Dagosa]

Yeah, that's what happens when you (in this case the government) buy bonds.

Do you know what are unfunded liabilities? That might explain a LOT!

SS retirees have no say. The Gov. can’t stand to see free money laying around unspent. Hence, they buy treasury notes with the surplus.

 

[Nostra]

Hypocrite. Of course you’re an election/ AGW denier.

Well then, bring my posts saying I’m an election denier.

Seems you can’t. So we are all left to conclude you are a lying sack of dogshit. Dagosa

 

[Markle]

Newsmax….nothing more then an opinion rag from the far right bullshit slingers.

So, you've got

Thanks for searching to prove any of the listed items wrong and admitting you failed. Everything is true.

Thank you, thank you so much!

 

[Dagosa]

Yeah, that's what happens when you (in this case the government) buy bonds.

Do you know what are unfunded liabilities? That might explain a LOT!

Ha ha. SS and Medicare are far from being unfunded. The big donor sponsored GOP will see to that. They’ll keep the tax payer dollars flowing into the hands of their corporate sponsors. Greedy bastardized repugnants want everything for nothing.

 

[Dagosa]

So, you've got

Thanks for searching to prove any of the listed items wrong and admitting you failed. Everything is true.

Thank you, thank you so much!

Newmax fails the climate change bellwether for being factual. Just like any of the clowns on the this or anyother site can’t be trusted on anything they say…..once they doubt the world wide supported evidence. It’s hilarious. They have no cred.

 

[Dagosa]

Well then, bring my posts saying I’m an election denier.

Seems you can’t. So we are all left to conclude you are a lying sack of dogshit. Dagosa

I’ll say this slowly. I don’t give a fk what you post. It’s made up shit. Denier. You sound irritated. It’s a good day.

 

[Dagosa]

Who are YOU... a SS Trustee?
Prove it.

FROM the Trustees Report Summary
Based on our best estimates, the 2022 reports determine:

• The Old-Age and Survivors Insurance (OASI) Trust Fund, which pays retirement and survivors benefits, will be able to pay scheduled benefits on a timely basis until 2034, one year later than reported last year. At that time, the fund's reserves will become depleted and continuing tax income will be sufficient to pay 77 percent of scheduled benefits.

• The Disability Insurance (DI) Trust Fund, which pays disability benefits, is no longer projected to be depleted within the 75-year projection period. By comparison, last year's report projected that it would be able to pay scheduled benefits only until 2057.

• The OASI and DI funds are separate entities under law. The report also presents information that combines the reserves of these two funds in order to illustrate the actuarial status of the Social Security program as a whole. The hypothetical combined OASI and DI funds would be able to pay scheduled benefits on a timely basis until 2035, one year later than reported last year. At that time, the combined funds' reserves will become depleted and continuing tax income will be sufficient to pay 80 percent of scheduled benefits.

• The Hospital Insurance (HI) Trust Fund, or Medicare Part A, which helps pay for services such as inpatient hospital care, will be able to pay scheduled benefits until 2028, two years later than reported last year. At that time, the fund's reserves will become depleted and continuing total program income will be sufficient to pay 90 percent of total scheduled benefits.

You’re own posts prove my point. The IRS which is allowed to make necessary adjustments, has done so. The funds reserves for Medicare have been adjusted. SS is fine indefinitely. Move on from the fear mongering. Get nervous only when repugnants become the ruling* class.

 

[healthmyths]

You’re own posts prove my point. The IRS which is allowed to make necessary adjustments, has done so. The funds reserves for Medicare have been adjusted. SS is fine indefinitely. Move on from the fear mongering. Get nervous only when repugnants become the ruling* class.

FACTS.. NOT your guesses! Your unsupported and totally WRONG guesses!

benefits are now expected to be payable in full on a timely basis until 2037, when the trust fund reserves are projected to become exhausted.
At the point where the reserves are used up, continuing taxes are expected to be enough to pay 76 percent of scheduled benefits. Thus, the Congress will need to make changes to the scheduled benefits and revenue sources for the program in the future

Research: The Future Financial Status of the Social Security Program

Social Security Administration Research, Statistics, and Policy Analysis

www.ssa.gov

 

[WorldWatcher]

FACTS.. NOT your guesses! Your unsupported and totally WRONG guesses!

benefits are now expected to be payable in full on a timely basis until 2037, when the trust fund reserves are projected to become exhausted.
At the point where the reserves are used up, continuing taxes are expected to be enough to pay 76 percent of scheduled benefits. Thus, the Congress will need to make changes to the scheduled benefits and revenue sources for the program in the future

Research: The Future Financial Status of the Social Security Program

Social Security Administration Research, Statistics, and Policy Analysis

www.ssa.gov

If you check the footnotes, that is based on the 2009 Trustee report. The 2022 report now pegs it at 2035.

WW