Cuts to SS and Medicare

[healthmyths]

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

WW

Worse than that!...
A SUMMARY OF THE 2022 ANNUAL REPORTS
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.

Trustees Report Summary

A SUMMARY OF THE 2024 ANNUAL REPORTS

www.ssa.gov

 

[sartre play]

Don't care who did what or why they did it. That's the past & cant be changed.
Protect those working there butts off in factory's or other physically hard jobs.
NO cuts to SOCIAL SECURITY OR MEDICARE.
look for ways to clean up mismanagement errors, where possible.
And move along.

 

[Dagosa]

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

Projections. All fear mongering. You talked like worried little 12 year old. Save for when the repugnants take over
, then worry.
Ant
d still they are so in in incompetent they’d fk it up. They need to have lobbyist write their tax bills for them. They are the reason little gets done and when it is, the donor class needs their cut.

 

[Dagosa]

Worse than that!...
A SUMMARY OF THE 2022 ANNUAL REPORTS
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.

Trustees Report Summary

A SUMMARY OF THE 2024 ANNUAL REPORTS

www.ssa.gov

Yawn…you guys are hilarious. You whine and complain when repugnants are accused of cutting entitlements, than you argue for the cuts. Afterwards, life goes on. The sky is falling.

 

[WorldWatcher]

Worse than that!...
A SUMMARY OF THE 2022 ANNUAL REPORTS
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.

Trustees Report Summary

A SUMMARY OF THE 2024 ANNUAL REPORTS

www.ssa.gov

That's what I was pointing out. Depletion would occur in 2034 so benefit reductions will start in 2035.

WW

 

[WorldWatcher]

Don't care who did what or why they did it. That's the past & cant be changed.
Protect those working there butts off in factory's or other physically hard jobs.
NO cuts to SOCIAL SECURITY OR MEDICARE.
look for ways to clean up mismanagement errors, where possible.
And move along.

Social Security Administration overhead is about 0.5%.

And actually that is pretty good.

"Clean up mismanagement" isn't going to fund benefits and the 0.5% overhead is pretty clear that it's probably running pretty well per legal requirements (as in revenue collections, management of the Trust, redemption/purchase of bonds, paying benefits, etc.).

WW

 

[Hutch Starskey]

"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.



#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

Your entire thinking is based on some misguided idea of inequity. That’s why you keep looking to the wealthier for the answer.
You keep posting a raise in age as a “real” plan. Then you say you don’t support it.
Now you’re proposing an additional tax that no one except the wealthiest would pay.

You’re suggesting a fundamental change to the very structure and purpose of the SS system.
It is funded through individual contributions not by the wealthy. It is an individual benefit based on an individual’s buy in over their lifetime. It’s not just a big pot of money.

No where in the private world would such a fee structure ever be allowed or legal. No where can you charge one group of people more for the same benefit that others pay less for.

 

[WorldWatcher]

Your entire thinking is based on some misguided idea of inequity. That’s why you keep looking to the wealthier for the answer.
You keep posting a raise in age as a “real” plan. Then you say you don’t support it.
Now you’re proposing an additional tax that no one except the wealthiest would pay.

You’re suggesting a fundamental change to the very structure and purpose of the SS system.
It is funded through individual contributions not by the wealthy. It is an individual benefit based on an individual’s buy in over their lifetime. It’s not just a big pot of money.

No where in the private world would such a fee structure ever be allowed or legal. No where can you charge one group of people more for the same benefit that others pay less for.

So what is your proposal for preventing the Trust Fund from being depleted by 2034 and the expected reduction in benefits to seniors of 20-23%?

• Cut expenditures and benefits by raising retirement age?
• Maintain the current caps but increase the tax rate on wages?
• Generate new revenue by taxing interest, dividends, stocks, and capital gains but only on the poor and middle class?
• National sales tax?
• Or just say screw'em, let the cut's happen?

Come on, share.

WW

 

[Hutch Starskey]

So what is your proposal for preventing the Trust Fund from being depleted by 2034 and the expected reduction in benefits to seniors of 20-23%?

• Cut expenditures and benefits by raising retirement age?
• Maintain the current caps but increase the tax rate on wages?
• Generate new revenue by taxing interest, dividends, stocks, and capital gains but only on the poor and middle class?
• National sales tax?
• Or just say screw'em, let the cut's happen?

Come on, share.

WW

Maintain the current caps but increase the tax rate on wages?

That’s exactly what I’ve been suggesting.

Everyone bears the cost and or cuts.

There simply isn’t enough younger people contributing to keep up with the payouts. This was always going to be a problem when the boomer gen retired.

Granting green cards to undocumented workers could certainly help.
Heavily fine employers why hire undocumented workers and avoid payroll taxes.
Make tipped workers or non payroll gig workers pay a basic annual tax.
Eliminate tip work altogether.
Do delivery app drivers pay on their income from the app?

Go after those not participating rather than those who already contribute the most.

 

[Dagosa]

That’s exactly what I’ve been suggesting.

Everyone bears the cost and or cuts.

There simply isn’t enough younger people contributing to keep up with the payouts. This was always going to be a problem when the boomer gen retired.

Granting green cards to undocumented workers could certainly help.
Heavily fine employers why hire undocumented workers and avoid payroll taxes.
Make tipped workers or non payroll gig workers pay a basic annual tax.
Eliminate tip work altogether.

Go after those not participating rather than those who already contribute the most.

Of course, the solution is obvious.

 

[Dagosa]

So what is your proposal for preventing the Trust Fund from being depleted by 2034 and the expected reduction in benefits to seniors of 20-23%?

Stop electing GOP candidates who run up the deficits and put entitlements at risk

 

[WorldWatcher]

That’s exactly what I’ve been suggesting.

Everyone bears the cost and or cuts.

There simply isn’t enough younger people contributing to keep up with the payouts. This was always going to be a problem when the boomer gen retired.

Granting green cards to undocumented workers could certainly help.
Heavily fine employers why hire undocumented workers and avoid payroll taxes.
Make tipped workers or non payroll gig workers pay a basic annual tax.
Eliminate tip work altogether.
Do delivery app drivers pay on their income from the app?

Go after those not participating rather than those who already contribute the most.

Tip recordkeeping and reporting | Internal Revenue Service

Provides information and resources dealing with reporting tip income for all industries that deal with tipping of employees.

www.irs.gov

"Gig" workers fall into two different categories. When someone hires a "gig" worker that functions as a small business, then the SS tax of 12.4% is paid by the business owners. For example if I run a small consulting company. On the other hand another type of "gig" worker is the independent contractor, the company employing the independent contractor issues a 1099 to the contractor and to the IRS, the independent contractor is than responsible for paying taxes. I've done some database creation consulting as an independent contractor, ensuring that I charge enough that the contracting company pays enough to cover FICA taxes is part of the calculation when setting an amount.

For tip workers they already SS Tax, they are required under the law to report their tips. Employers must track tips and the employee pays 6.2% and the employer is required to pay the other 6.2% based on tips.

Delivery drivers already pay SS Tax on earnings.


So let's see:

• Gig workers (self employed business - already paying)
• Gig workers (independent contractors - already paying)
• Service workers where tips are a large part of income - already paying
• Rideshare Drivers and Delivery Service Drivers (Uber, Lyft, GrubHub, InstaCart, etc.) - already paying

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But is sounds like you are squarely in the camp of raising taxes on the poor and middle class right?

So would you do it on wages or would you agree with me that the way to increase tax revenues is to have a small tax on other types of income (interest, dividends, short term stocks, capital gains)?

WW

 

[Grumblenuts]

What would Jesus do?

 

[healthmyths]

Yawn…you guys are hilarious. You whine and complain when repugnants are accused of cutting entitlements, than you argue for the cuts. Afterwards, life goes on. The sky is falling.

Coming from a former "global warming" nee... "climate change"... ! And Lake Mead? And the snow melts haven't yet occurred!
So talk about "whine and complain"???

 

[WorldWatcher]

What would Jesus do?

Ummm, He could take 40 loaves of bread and a few fish and feed multitudes.

I doubt if he would have a problem supplying for retirement of millions.

WW

 

[Markle]

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.

Glad that you acknowledged that you have no clue what the term "Unfunded Liabilities" means. Thank you for that.

No kindly try to explain how this means that "SS is fine indefinitely". Frankly, I'm fine, I'm old, and don't worry about decades down the road.

Once again, how is this fine?

 

[Markle]

Don't care who did what or why they did it. That's the past & cant be changed.
Protect those working there butts off in factory's or other physically hard jobs.
NO cuts to SOCIAL SECURITY OR MEDICARE.
look for ways to clean up mismanagement errors, where possible.
And move along.

Then how do you propose we reverse this trend? Don't say, TAX THE RICH MORE, they don't have tens of trillions of dollars.

 

[Dagosa]

Glad that you acknowledged that you have no clue what the term "Unfunded Liabilities" means. Thank you for that.

No kindly try to explain how this means that "SS is fine indefinitely". Frankly, I'm fine, I'm old, and don't worry about decades down the road.

Once again, how is this fine?

I know you’re afraid, but don’t be. Uncle Joe has your back even if you are a denier.

 

[Dagosa]

Markle

Then how do you propose we reverse this trend? Don't say, TAX THE RICH MORE, they don't have tens of trillions of dollars.

Tax the rich more.

 

[Dagosa]

Glad that you acknowledged that you have no clue what the term "Unfunded Liabilities" means. Thank you for that.

No kindly try to explain how this means that "SS is fine indefinitely". Frankly, I'm fine, I'm old, and don't worry about decades down the road.

Once again, how is this fine?

Must be election time and the republicans have nothin* to talk about and no plan. So, where is this great scheme to bring affordable healthcare and retirement for all ? Where is it ?