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Started By
Message
The payroll income cap increases every year. Why is SS going broke?
Posted on 4/3/24 at 1:30 pm
Posted on 4/3/24 at 1:30 pm
You pay 6.2% and your employer pays 6.2% on your first $168K for 2024. Last year the income cap was $160k. The income cap goes up every year like clockwork.
What's the deal about SS going broke? Are their too many deadbeats not paying into the system. If SS is going broke I see only five possible ways to fix it (I might be missing an idea here) and it can be a combination of all solutions:
1. Raise retirement age.
2. Cut benefits.
3. Raise payroll tax percentage.
4. Raise the rate of year over year payroll taxes on income caps.
5. Get the economy going to get more of the deadbeats working.
What would be ideal for this discussion is to understand the gap of payroll tax revenue versus SS outlays. How big is that gap if it exist at all?
What's the deal about SS going broke? Are their too many deadbeats not paying into the system. If SS is going broke I see only five possible ways to fix it (I might be missing an idea here) and it can be a combination of all solutions:
1. Raise retirement age.
2. Cut benefits.
3. Raise payroll tax percentage.
4. Raise the rate of year over year payroll taxes on income caps.
5. Get the economy going to get more of the deadbeats working.
What would be ideal for this discussion is to understand the gap of payroll tax revenue versus SS outlays. How big is that gap if it exist at all?
25
Posted on 4/3/24 at 1:36 pm to GumboPot
Easy fix, combine SS with Fed/State Pensions. One system for all, Socialists should live it.
Posted on 4/3/24 at 1:36 pm to GumboPot
You pay 6.2% and your employer pays 6.2% on your first $168K for 2024. Last year the income cap was $160k. The income cap goes up every year like clockwork.
What's the deal about SS going broke? Are their too many deadbeats not paying into the system. If SS is going broke I see only five possible ways to fix it (I might be missing an idea here) and it can be a combination of all solutions:
1. Raise retirement age.
2. Cut benefits.
3. Raise payroll tax percentage.
4. Raise the rate of year over year payroll taxes on income caps.
5. Get the economy going to get more of the deadbeats working.
What would be ideal for this discussion is to understand the gap of payroll tax revenue versus SS outlays. How big is that gap if it exist at all?
When these rules were created I wonder if they ever considered life expectancy.
What's the deal about SS going broke? Are their too many deadbeats not paying into the system. If SS is going broke I see only five possible ways to fix it (I might be missing an idea here) and it can be a combination of all solutions:
1. Raise retirement age.
2. Cut benefits.
3. Raise payroll tax percentage.
4. Raise the rate of year over year payroll taxes on income caps.
5. Get the economy going to get more of the deadbeats working.
What would be ideal for this discussion is to understand the gap of payroll tax revenue versus SS outlays. How big is that gap if it exist at all?
When these rules were created I wonder if they ever considered life expectancy.
Posted on 4/3/24 at 1:38 pm to jizzle6609
quote:
When these rules were created I wonder if they ever considered life expectancy.
probably not, but believe it or not, life expectancy is now trending down
Posted on 4/3/24 at 1:41 pm to GumboPot
Your question has a simple answer:
Because the Government runs it.
Because the Government runs it.
Posted on 4/3/24 at 1:41 pm to GumboPot
In a sane world we would stair step raising the age. If you are close to retirement, next 5 years, age stays the same. 5-10 years, add 2 years to earliest, and so on.
Also pass a law allowing citizens to choose how the money is invested so government can’t steal the money and spend it on other things.
This would pass overwhelmingly if people were honest about it.
Also pass a law allowing citizens to choose how the money is invested so government can’t steal the money and spend it on other things.
This would pass overwhelmingly if people were honest about it.
Posted on 4/3/24 at 1:42 pm to GumboPot
Get people receiving payments for fraudulent disability back to work.
Posted on 4/3/24 at 1:42 pm to GumboPot
quote:
What's the deal about SS going broke?
quote:
You pay 6.2% and your employer pays 6.2%
That (combined with the money is invested lower yield government bonds as opposed to the stock market) is not enough to pay for the benefits.
quote:
3. Raise payroll tax percentage.
4. Raise the rate of year over year payroll taxes on income caps.
5. Get the economy going to get more of the deadbeats working.
Not bad but:
quote:
1. Raise retirement age.
2. Cut benefits.
The solution is some combination of these two, but phase in so people approaching retirement age are grandfathered in.
Posted on 4/3/24 at 1:45 pm to GumboPot
Easy answer, Less workers by percentage of Americans. More free loaders by percentage of Americans.
Posted on 4/3/24 at 1:45 pm to jizzle6609
quote:
When these rules were created I wonder if they ever considered life expectancy.
The human life span has been consistent for 2000 years.
The life expectancy data is garbage because it takes into account infant mortality, which in 1935 when SS started was 60yo. That would mean no one was collecting anything.
If you make it past childhood and start paying into SS, there's a high probability that you will collect.
Posted on 4/3/24 at 1:45 pm to RebelExpress38
quote:
In a sane world we would stair step raising the age. If you are close to retirement, next 5 years, age stays the same. 5-10 years, add 2 years to earliest, and so on.
Without looking it seems like due to the lower population of x-gens the baby boomers have a lot of anxiety concerning the solvency of SS. But once the boomers die SS should be back on track.
Posted on 4/3/24 at 1:46 pm to GumboPot
quote:
Why is SS going broke?
Because we are handing out other meaningless stuff like Skittles.
The money is or was there.
How many have passed that paid into SS that never collected a dime?
I would say hundreds of millions.
This post was edited on 4/3/24 at 1:53 pm
Posted on 4/3/24 at 1:47 pm to TigerSprings
quote:
The life expectancy data is garbage because it takes into account infant mortality, which in 1935 when SS started was 60yo. That would mean no one was collecting anything.
Excellent point.
Posted on 4/3/24 at 1:48 pm to GumboPot
quote:
You pay 6.2% and your employer pays 6.2% on your first $168K for 2024. Last year the income cap was $160k.
Why is there a cap at all, to put more of the burden on the middle class?
quote:
1. Raise retirement age.
2. Cut benefits.
3. Raise payroll tax percentage.
4. Raise the rate of year over year payroll taxes on income caps.
5. Get the economy going to get more of the deadbeats working.
I think you could:
1. Raise the eligibility age
2. Eliminate the cap.
3. Means test.
And the system would be solvent.
Posted on 4/3/24 at 1:49 pm to GumboPot
quote:
What's the deal about SS going broke? Are their too many deadbeats not paying into the system.
The largest generation of SS recipients is starting to draw (Baby Boomers), and life expectancy has increased over time. More going out than coming in.
ETA: Of course, the federal government running anything a nightmare, so it was doomed from the start. But this is gas on the fire.
This post was edited on 4/3/24 at 1:51 pm
Posted on 4/3/24 at 1:52 pm to GumboPot
quote:
Without looking it seems like due to the lower population of x-gens the baby boomers have a lot of anxiety concerning the solvency of SS. But once the boomers die SS should be back on track.
Very few people seem to realize that getting past the baby boomer bump in the population will help a lot.
Posted on 4/3/24 at 1:54 pm to GumboPot
You know just how many Boomers there are, right? And it was great when they were all paying in. Now they're almost all getting benefits.
The proverbial worm has literally turned.
Political suicide, even if they only "stick it" to "rich people".
That probably will be part of it - maybe a quarter point on each side, half point total. Folks will howl, but at least it is prospective.
Sounds awful. Won't do as much as you might think, because PIA will also go up.
Unfortunately, that ship has sailed. We're in a "post-employment" economic situation now. Younger Millennials and Zoomers aren't buying into the "American Dream" because the folks who have influenced them either don't believe in it themselves or actively discouraged them.
It is what it is. Even Rome fell, GP.
The proverbial worm has literally turned.
quote:
2. Cut benefits.
Political suicide, even if they only "stick it" to "rich people".
quote:
3. Raise payroll tax percentage.
That probably will be part of it - maybe a quarter point on each side, half point total. Folks will howl, but at least it is prospective.
quote:
4. Raise the rate of year over year payroll taxes on income caps.
Sounds awful. Won't do as much as you might think, because PIA will also go up.
quote:
5. Get the economy going to get more of the deadbeats working.
Unfortunately, that ship has sailed. We're in a "post-employment" economic situation now. Younger Millennials and Zoomers aren't buying into the "American Dream" because the folks who have influenced them either don't believe in it themselves or actively discouraged them.
It is what it is. Even Rome fell, GP.
Posted on 4/3/24 at 1:55 pm to WildTchoupitoulas
quote:
think you could: 1. Raise the eligibility age 2. Eliminate the cap. 3. Means test. And the system would be solvent.
Eliminating the cap alone might get it back to solvent.
Posted on 4/3/24 at 1:57 pm to GumboPot
I am self employed and pay the max in every year. I also qualify for a state pension which will completely wipe out my SS benefit. So I get to piss 18 grand away every year.
Posted on 4/3/24 at 1:59 pm to WildTchoupitoulas
quote:
Means test.
So I pay but get nothing. Awesome.
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