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Message
re: Nikki Haley Says It’s Time to Raise the Retirement Age to Reflect on Life Expectancy
Posted on 11/15/23 at 10:57 am to Auburn1968
Posted on 11/15/23 at 10:57 am to Auburn1968
She’s absolutely right on this one.
1
Posted on 11/15/23 at 10:59 am to Auburn1968
She seems almost manic.
She is single handedly showing why women cannot be in power.
She is single handedly showing why women cannot be in power.
Posted on 11/15/23 at 10:59 am to Paddyshack
quote:
Uh Nikki, life expectancy is decreasing. It's at the lowest point in two decades.
Do it based on income..
Posted on 11/15/23 at 11:00 am to Auburn1968
She’s right about this and she’s not alone
Math doesn’t lie
Math doesn’t lie
Posted on 11/15/23 at 11:00 am to frogtown
quote:
You can raise the retirement age or raise your FICA taxes. That will eventually be your choice
Odd there's no choice to opt out and take your contributions with you.
Posted on 11/15/23 at 11:00 am to jizzle6609
quote:
She seems almost manic.
What is "manic" about trying to fix SS without raising taxes?
Posted on 11/15/23 at 11:01 am to frogtown
quote:It is.
You can raise the retirement age or raise your FICA taxes. That will eventually be your choice.
One of those will be done within 5 years.
Posted on 11/15/23 at 11:01 am to dpd901
quote:
She’s absolutely right on this one.
I agree, but like it or not, this is a perfect representation of someone morphing from a candidate to a vessel (not a listless one, she's being carefully steered).
Posted on 11/15/23 at 11:02 am to Auburn1968
quote:
Nikki Haley Says
She has been saying an awful lot lately. Blocking her from my brain and senses.
Posted on 11/15/23 at 11:03 am to udtiger
quote:
Odd there's no choice to opt out and take your contributions with you.
I am not saying that.
What I am saying is that if NO CHANGES ARE MADE, Congress will wind up raising FICA taxes to cover the shortfall in SS.
I would rather raise the age to 70 than to have an increase in FICA.
This post was edited on 11/15/23 at 11:05 am
Posted on 11/15/23 at 11:03 am to Auburn1968
She been saying this, which is why I cant understand why shes even at 4%.
Posted on 11/15/23 at 11:03 am to Ten Bears
quote:
Yep, or means test benefits. Any candidate that doesn't support even minor reforms is weak AF
The only "means" that should be tested is "did the person pay into the system and how much?"
I DGAF if I have a net worth of $50m. That fricking money was earned by me, paid into the system by me, and is MY fricking money.
Posted on 11/15/23 at 11:05 am to Auburn1968
Lil Nikki can go frick herself.
Posted on 11/15/23 at 11:06 am to Auburn1968
The amount of NEETs whining about gibs on a conservative board is mindblowing. It's going to have to be done at some point or tax rates will effectively be upwards of 60%
Posted on 11/15/23 at 11:08 am to Paddyshack
Yep. The Laffer curve shows how tax rates dynamically change revenue because of changes in behavior.
Raising taxes 50% wouldn’t give you a 50% increase in revenues unless taxes were low before and are returning to a somewhat normal rate.
Typically, rates are already high and attempts to raise them further just depress sales or make people avoid them.
Raising taxes 50% wouldn’t give you a 50% increase in revenues unless taxes were low before and are returning to a somewhat normal rate.
Typically, rates are already high and attempts to raise them further just depress sales or make people avoid them.
Posted on 11/15/23 at 11:08 am to Auburn1968
quote:
Nikki Haley Says It’s Time to Raise the Retirement Age to Reflect on Life Expectancy
How does one not extrapolate that to mean "you should have to work until you are about to die"?
Posted on 11/15/23 at 11:09 am to Paddyshack
Yeah. Her statement is dumb as dirt.
Posted on 11/15/23 at 11:10 am to Auburn1968
The IBFreeman solution to SS is more than the average politician can ponder but it is simple and solves the entire program.
1) Benefits stay the same
2) benefits are funded by a national sales tax that will be adjusted every year to pay the amount projected to be paid
3) employees will be required to save 5% of their payroll and employers match it. There will no longer be a payroll tax saving employers and employees the 7.5% currently in place. This saving can be directed to private accounts including 20 year CDs that pay at least 3% interest at FDIC banks (the banks can count a portion of these CDs as capital instead of debt so these CDs would be hybrid debt/equity vehicles)
4) retirees cannot begin drawing Social Security until the savings described in number 3 are withdrawn at the SS monthly rate. SS then becomes a stop gap for the savings instead of a pure welfare payment.
The advantages to everybody of the IB plan are:
1) immediately there will be a lag in paying benefits as new retirees will have some savings they will have to spend first. As the program gets older this will be very significant. In 10 years I project the average age of new people first drawing the now stopgap SS will be over 75 even though they will have retired at 65. In twenty years most people will never have to draw SS and will have more money in saving than they will draw in retirement creating an estate. This will do more to eliminate generational poverty than any previous government program.
2) the US treasury can immediately repatriate the SS trust fund and the debt it holds---the largest single holder of US debt--and will have in one swoop eliminated current US budget.
3) in theory if the politicians do not squander the sales tax will be near zero in 10 years to fund this.
1) Benefits stay the same
2) benefits are funded by a national sales tax that will be adjusted every year to pay the amount projected to be paid
3) employees will be required to save 5% of their payroll and employers match it. There will no longer be a payroll tax saving employers and employees the 7.5% currently in place. This saving can be directed to private accounts including 20 year CDs that pay at least 3% interest at FDIC banks (the banks can count a portion of these CDs as capital instead of debt so these CDs would be hybrid debt/equity vehicles)
4) retirees cannot begin drawing Social Security until the savings described in number 3 are withdrawn at the SS monthly rate. SS then becomes a stop gap for the savings instead of a pure welfare payment.
The advantages to everybody of the IB plan are:
1) immediately there will be a lag in paying benefits as new retirees will have some savings they will have to spend first. As the program gets older this will be very significant. In 10 years I project the average age of new people first drawing the now stopgap SS will be over 75 even though they will have retired at 65. In twenty years most people will never have to draw SS and will have more money in saving than they will draw in retirement creating an estate. This will do more to eliminate generational poverty than any previous government program.
2) the US treasury can immediately repatriate the SS trust fund and the debt it holds---the largest single holder of US debt--and will have in one swoop eliminated current US budget.
3) in theory if the politicians do not squander the sales tax will be near zero in 10 years to fund this.
This post was edited on 11/15/23 at 11:14 am
Posted on 11/15/23 at 11:12 am to OTIS2
quote:
Yeah. Her statement is dumb as dirt.
So how do you fix the SS shortfall that is coming in 2033?
Posted on 11/15/23 at 11:13 am to Burt Orangello
quote:
The only "means" that should be tested is "did the person pay into the system and how much?"
I DGAF if I have a net worth of $50m. That fricking money was earned by me, paid into the system by me, and is MY fricking money.
Oh I agree, but it's coming.
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