Social Security

[MaC]

it's been a while since we've had a talk on this.

What would you do about the problem?

Me?  Fully privatise into accounts.  Get the US Government to sell it's annuities to help pay for those who've partially invested already.

[Bono]

Don't let anyone new into the system and remove all those under 35 from it. Keep them paying taxes though.

[Inverted Things]

Just kill the damn thing. And make it look like an accident.

[David S]

it's been a while since we've had a talk on this.

What would you do about the problem?

Me?  Fully privatise into accounts.  Get the US Government to sell it's annuities to help pay for those who've partially invested already.

What annuities?

Anyway SS is a real problem to fix because of the way its funded. Today's workers pay today's retirees. The so-called trust fund contains only IOUs. In principle privatizing sounds like a good idea, but where will the funds come from to pay today's retirees? Right now SS taxes bring in more than the benefits paid out so the surplus could be put into private accounts. But that situation will only last a few years. After that the outgo will exceed the income and there will be no surplus available for private accounts. All of the SS taxes will be needed to pay current retirees. And in fact even more revenue will have to be taken from the general funds just to make up the shortfall. According to the treasury department, SS is underfunded by $6 trillion over the next 75 years and medicare is much worse off than that.

This is one of the problems with socialist programs like this. Its easy to get into them but nearly impossible to get out. And the problems don't become apparent until many years later, when its way too late to fix. That's one of the reason why I think of socialism as a deadly trap.

[opebo]

Simply make all income, whether 'wage' or 'investment' and with no limit, subject to the payroll tax.

[David S]

Simply make all income, whether 'wage' or 'investment' and with no limit, subject to the payroll tax.

In effect that's what you will get if nothing is changed since the shortfall in Social Security will be made up from the general funds which come mainly from income taxes.

BTW when you say "all income" does that include inheritance and payouts from trust funds established as a result of inheritance?

[opebo]

Simply make all income, whether 'wage' or 'investment' and with no limit, subject to the payroll tax.

In effect that's what you will get if nothing is changed since the shortfall in Social Security will be made up from the general funds which come mainly from income taxes.

BTW when you say "all income" does that include inheritance and payouts from trust funds established as a result of inheritance?

I've never really thought of inheritance as 'income'.  Certainly any income generated by the inherited capital would be income.   But keep in mind, David, the 'payroll tax' is only somewhere around 6-13% isn't it?

[Inverted Things]

Simply make all income, whether 'wage' or 'investment' and with no limit, subject to the payroll tax.

In effect that's what you will get if nothing is changed since the shortfall in Social Security will be made up from the general funds which come mainly from income taxes.

BTW when you say "all income" does that include inheritance and payouts from trust funds established as a result of inheritance?

I've never really thought of inheritance as 'income'.  Certainly any income generated by the inherited capital would be income.   But keep in mind, David, the 'payroll tax' is only somewhere around 6-13% isn't it?

Try 15%.

[Ban my account ffs!]

Forced suicide at 65 for anyone that hasn't saved enough money to live at twice the poverty level once retired.

Pull social security pay outs to all disabled people and elderly that currently receive it and let them fend for themselves or die. 

Use the money saved on building $250 million bridges to nowhere and endless wars in the middle east.

[David S]

Forced suicide at 65 for anyone that hasn't saved enough money to live at twice the poverty level once retired.

Pull social security pay outs to all disabled people and elderly that currently receive it and let them fend for themselves or die. 

LOL Well I might survive that plan but I suspect you'd run into resistance from the RPOGWG ( Really Pissed Off Geezers With Guns)

[MODU]

I'm still leaning towards this.

[Undisguised Sockpuppet]

Reserve any welfare/assistance for those who are law abiding english speakers(No Ebonics and redneck-speak DON'T count as english).

[John Dibble]

Forced suicide at 65 for anyone that hasn't saved enough money to live at twice the poverty level once retired.

Pull social security pay outs to all disabled people and elderly that currently receive it and let them fend for themselves or die. 

LOL Well I might survive that plan but I suspect you'd run into resistance from the RPOGWG ( Really Pissed Off Geezers With Guns)

That's the AARP for those of you who didn't know. Fortunately we just need to close Country Kitchen Buffet if they get uppity and the problem will solve itself.