Haley: Raise the Retirement Age

[Admiral Rockwell Tory]

Don't have a link.

See my coworker told me that her lawn guy told her, he heard it from the clerk at the 7-11 while filling up gas cans for his mowers. The clerk got the information from her 3rd cousin twice removed on her grandmothers side.

Hence the "some people".

WW

That's what I thought. You made it up.

 

[BlackSand]

Former South Carolina Gov. Nikki Haley calls to change retirement age during presidential campaign​

""The first thing you do is you change the retirement age of the young people coming up so that we can try and have some sort of system for them," Haley said at a town hall in Council Bluffs, Iowa."

<<SNIP>>

""Joe Biden now is basically saying the only way to deal with entitlements is to raise taxes. He doesn't care that it runs out in five or 10 years, he's not going to be there anymore," Haley said."


The first quote advocates cutting benefit payouts by raising the retirement age for young folks. The second quote indicates this is done to impact Social Security in 5 or 10 years.

So if she raises the retirement age for younger workers, say those 50 and below, to 70. Then the first year this impact is 20 years AFTER the change. So that would be 70-50 which is 20 years, and assume the law is changed in 2025 after the election. 20 years after 2025 is 2045.

However the financial problems for Social Security are due to hit 10 years prior to the earliest impact which is 2035 (based on the 2022 Trust Fund Report).

Reducing benefits by raising retirement age does not impact the current shortfall.

It's pretty simple when boiled down to basic terms. Benefits Paid Out = Revenues + Trust Interest + Trust Principle. If by 2035 the Trust is depleted then only revenues support benefits paid. To fix the problem by 2035 either age must be raised immediately, revenues increased, or both.

WW

.

They can raise the "eligibility age" for benefits.

"Retirement" shouldn't have anything to do with the Government ...
Unless you are a Government Employee.

.​

 

[WorldWatcher]

That's what I thought. You made it up.

Of course.

Humor…

Casual to most obvious observers.

WW

 

[gipper]

You're blind to the FACTS. You agree that fifty percent of workers pay no Federal Income Tax. How can you get a lower rate?

The top ONE PERCENT pays 40% of Federal Income Taxes. How much more do you want?

You want the poor to pay income taxes. What about the ultra wealthy?

Is this okay in your book?

In 2007, Jeff Bezos, then a multibillionaire and now the world’s richest man, did not pay a penny in federal income taxes. He achieved the feat again in 2011. In 2018, Tesla founder Elon Musk, the second-richest person in the world, also paid no federal income taxes.

Michael Bloomberg managed to do the same in recent years. Billionaire investor Carl Icahn did it twice. George Soros paid no federal income tax three years in a row.
The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

 

[gipper]

Just as has Jim Crow Joe.

Smokin' OP
Do you really not know this? If so, you need to realize you’ve been duped.
Fact Check: Joe Biden Has Advocated Cutting Social Security for 40 Years

User Clip: Joe Biden Trying to cut SS 4 Times

 

[scruffy]

That's the end of Nikki's presidential campaign.

 

[gipper]

That's the end of Nikki's presidential campaign.

I doubt that. She’s fully supported by the establishment, because she’s of the establishment.

 

[Smokin' OP]

Smokin' OP
Do you really not know this? If so, you need to realize you’ve been duped.
Fact Check: Joe Biden Has Advocated Cutting Social Security for 40 Years

BULLSHIT.

User Clip: Joe Biden Trying to cut SS 4 Times

Do you really not know this?

A FREEZE in spending, is NOT a CUT.

 

[gipper]

BULLSHIT.

Do you really not know this?

A FREEZE in spending, is NOT a CUT.

Lol. You are willfully blind just like the Trumpers you claim to despise.

 

[Smokin' OP]

Lol. You are willfully blind just like the Trumpers you claim to despise.

WTF?
Do you KNOW what words mean?
Biden NEVER proposed CUTS in Social Security.

"Harold didn't get his raise this year"?
Did the company CUT his salary?

 

[gipper]

WTF?
Do you KNOW what words mean?
Biden NEVER proposed CUTS in Social Security.

"Harold didn't get his raise this year"?
Did the company CUT his salary?

Yes he did. Throughout his long failed career he’s indicated a desire to cut social programs, but never the MIC. He’s all for budget increases for the military.

His administration is controlled by neocons, so one could conclude he’s a neocon too. Why do you support a neocon?

 

[Smokin' OP]

Yes he did. Throughout his long failed career he’s indicated a desire to cut social programs, but never the MIC. He’s all for budget increases for the military.

His administration is controlled by neocons, so one could conclude he’s a neocon too. Why do you support a neocon?

Your posted article and video, proves otherwise.
WHERE did Biden say CUT?

 

[JohnDB]

Raising the age on blue collar workers is horrible....
Especially when most went to work at 14.

Blue collar workers (skilled trades) are in short supply now. We flat out don't have enough to fill the construction, renovation, and maintenance jobs currently open. Nevermind the logistics workers. People who deliver milk, bread, beer and meat to the grocery stores. And let's not forget the mechanics who keep these machines operating. Then there's public servants like jail and police....they get physically worn down too from dealing with too many stoned and drunk Karen's in the public. Nurses?

The jobs break down a person's body....hard, honest labor has a way of doing that.

And we aren't going to get any either by raising the retirement age or reducing benefits.

Let the white collar workers continue to work until 70+.....leave the blue collars alone. Even if it means that the cap on SS payments are removed. It's always been an income tax....the plan to make it appear to be an investment was always crap to begin with.

Besides....most guys die after 2 years into retirement unless they have a plan of something else to do. (Besides going fishing)

 

[WorldWatcher]

Besides....most guys die after 2 years into retirement unless they have a plan of something else to do. (Besides going fishing)

I agree that many people run into bodies wearing out as they age, my Dad was blue collar and by his early 60's his body was a wreck.

However, this is false. Historically males spend about 15 years in retirement women a little longer. Average was about 17 years for both male and female.

The question becomes, ever try to get hired for meaningful employment after age 60 when you can't do the jobs you used to do, or do them as fast? Finding meaningful employment after 60 sucks.

WW

 

[Markle]

You want the poor to pay income taxes. What about the ultra wealthy?

Is this okay in your book?

In 2007, Jeff Bezos, then a multibillionaire and now the world’s richest man, did not pay a penny in federal income taxes. He achieved the feat again in 2011. In 2018, Tesla founder Elon Musk, the second-richest person in the world, also paid no federal income taxes.

Michael Bloomberg managed to do the same in recent years. Billionaire investor Carl Icahn did it twice. George Soros paid no federal income tax three years in a row.
The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

Why do you believe that half the workers in our country should pay nothing to support our great nation? How is that good for our country?

Hard as this is for you to believe, there are years when an individual, regardless of their worth, have no taxable income. The economy goes up and down. I'm not among the richest in the country but I too have had years in my lengthy career where I showed no taxable income and paid no federal income tax. That's not a crime.

How many jobs combined have the folks you listed provided? How much in federal income taxes did all those workers pay?

 

[Moonglow]

Former South Carolina Gov. Nikki Haley calls to change retirement age during presidential campaign​

""The first thing you do is you change the retirement age of the young people coming up so that we can try and have some sort of system for them," Haley said at a town hall in Council Bluffs, Iowa."

<<SNIP>>

""Joe Biden now is basically saying the only way to deal with entitlements is to raise taxes. He doesn't care that it runs out in five or 10 years, he's not going to be there anymore," Haley said."


The first quote advocates cutting benefit payouts by raising the retirement age for young folks. The second quote indicates this is done to impact Social Security in 5 or 10 years.

So if she raises the retirement age for younger workers, say those 50 and below, to 70. Then the first year this impact is 20 years AFTER the change. So that would be 70-50 which is 20 years, and assume the law is changed in 2025 after the election. 20 years after 2025 is 2045.

However the financial problems for Social Security are due to hit 10 years prior to the earliest impact which is 2035 (based on the 2022 Trust Fund Report).

Reducing benefits by raising retirement age does not impact the current shortfall.

It's pretty simple when boiled down to basic terms. Benefits Paid Out = Revenues + Trust Interest + Trust Principle. If by 2035 the Trust is depleted then only revenues support benefits paid. To fix the problem by 2035 either age must be raised immediately, revenues increased, or both.

WW

They just raised the damn age for full SS.

 

[Kondor3]

Hard to enjoy it while working.

There is more than a bit of truth in that observation...

The average Worker-Bee just isn't making enough money to "enjoy life" beyond a few simple pleasures like a stretch-or-two of vacation time every year...

And the average Worker-Bee only has so much energy and intelligence and practical opportunity to reposition into a higher-order earnings framework...

That means that most souls will begin-as and remain Worker Bees throughout their working lifetimes...

Worker Bees hold the power of the Ballot Box in their hands...

Help Worker Bees be more financially secure in their declining years after retirement and you'll earn and retain their votes over much of their adult lives...

Fail to help Worker Bees to be more financially secure in their declining years and you risk losing elections and either not obtaining power or losing it...

This is not a uniquely American state of affairs... we can see the same concept playing out globally in countries where elections actually mean something...

But we (America) DO seem to SUCK at it... more than a considerable number of other "developed" countries, anyway...

I expect that this will eventually sort itself out but any replacement or overhaul of Social Security and Medicare will need to improve the system, not destroy it.

Oh, I'm fully aware that an argument can be made that it is not the job of Government to provide for the Old Age of its citizens.

But the cold, hard fact is... fail to make such provision over time, and fail to do it well, and you'll pay a very high price at the polls.

Or so it seems to this observer.

 

[JohnDB]

I agree that many people run into bodies wearing out as they age, my Dad was blue collar and by his early 60's his body was a wreck.

However, this is false. Historically males spend about 15 years in retirement women a little longer. Average was about 17 years for both male and female.

The question becomes, ever try to get hired for meaningful employment after age 60 when you can't do the jobs you used to do, or do them as fast? Finding meaningful employment after 60 sucks.

WW

The best thing to do is base the benefits off of calendar quarters paid into SSI.

Currently 40 calendar quarters is enough for full benefits. (10 years)
Raising it to 80 calendar quarters (or more) would be much better and your blue collared workers would be able to retire at a reasonable age. We could even make it more for white collar workers.
This would definitely have an effect on those who have been incarcerated for long prison sentences.

But giving reductions in benefits for those who haven't paid in as long is a definite good idea. I went to work when I was 14. Paid taxes and SSI. Worked all through high school and 2 colleges. Never didn't work.

Now one knee and one ankle are shot. But I gotta wait another 5 years before I can draw even my own 401k.
This is stupid IMHO.

 

[gipper]

Why do you believe that half the workers in our country should pay nothing to support our great nation? How is that good for our country?

Hard as this is for you to believe, there are years when an individual, regardless of their worth, have no taxable income. The economy goes up and down. I'm not among the richest in the country but I too have had years in my lengthy career where I showed no taxable income and paid no federal income tax. That's not a crime.

How many jobs combined have the folks you listed provided? How much in federal income taxes did all those workers pay?

Why do you support billionaires paying nothing, but demand the poor pay their fair share?

Do you think the only tax Americans pay is the income tax?

 

[Markle]

Why do you support billionaires paying nothing, but demand the poor pay their fair share?

Do you think the only tax Americans pay is the income tax?

I never said billionaires should pay nothing. If they had no taxable income for a year, on what would they, or you or me, pay federal income tax?

You've veered off into the weeds. If you want a discussion, great. If you're just trying to whine and insult, bu bye.