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Started By
Message
re: The payroll income cap increases every year. Why is SS going broke?
Posted on 4/3/24 at 2:06 pm to Wally Sparks
Posted on 4/3/24 at 2:06 pm to Wally Sparks
quote:
So I pay but get nothing. Awesome.
Unless something happens and you need it, just like any other insurance.
Spoiler: You're not getting all of your homeowner's insurance premiums back either.
2
Posted on 4/3/24 at 2:07 pm to Gifman
quote:
Eliminating the cap alone might get it back to solvent.
So a huge tax raise on those making north of 160K.
Frick that.
Posted on 4/3/24 at 2:07 pm to Wally Sparks
quote:
So I pay but get nothing. Awesome.
Exactly. I may not need it but frick a relative tax increase.
Posted on 4/3/24 at 2:08 pm to GumboPot
They are going to do it by raising the income caps but not raising the benefit and they are going to sell it as making the rich pay their "fair share" despite the fact that the system is progressive in that the payout percentage decreases as you pay more into the system.
If you are upper middle class or higher, get ready for a 6+ percent tax hike with nothing in return.
If you are upper middle class or higher, get ready for a 6+ percent tax hike with nothing in return.
Posted on 4/3/24 at 2:09 pm to GumboPot
quote:
Because the Government runs it.
Tied with.. Because they want it to.
Government isn't really worried about it, they can always magic more money into existence. They only fret over it during election cycles. It's a cudgel to used against political opponents AND taxpayers.
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.
All of these are on the table, because who in DC doesn't love putting more burden on the citizens, but nothing that really fixes the problem will happen until the whole thing collapses.. and nothing will happen then either.
Because they hate you and don't care.
Posted on 4/3/24 at 2:09 pm to frogtown
quote:
So a huge tax raise on those making north of 160K.
Frick that.
It was $160k last year. $168k this year and will likely go to ~$177k next year.
Posted on 4/3/24 at 2:10 pm to GumboPot
You forgot No. 6: Vote 3rd Party and let Biden import millions and millions of more illegals who will eventually have access to SS, which means there will be less available to you and your family.
Posted on 4/3/24 at 2:10 pm to WildTchoupitoulas
quote:
Unless something happens and you need it, just like any other insurance.
Spoiler: You're not getting all of your homeowner's insurance premiums back either.
SS is not an insurance program.
Posted on 4/3/24 at 2:13 pm to GumboPot
quote:
It was $160k last year. $168k this year and will likely go to ~$177k next year.
I realize that. It is already going up, so removing the cap is stupid.
Posted on 4/3/24 at 2:17 pm to BlackAdam
quote:
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.
How so? I didn't think WEP doesn't applied if you have 30 or more years of substantial earnings under Social Security. If you got 30 years of max contributions, why wouldn't you receive your SS benefits (under current law). WEP
Posted on 4/3/24 at 2:17 pm to armtackledawg
quote:
SS is not an insurance program.
Then why is it officially called the federal "Old-Age, Survivors, and Disability Insurance "(OASDI) program?
Why are premiums paid out through the, "Federal Insurance Contributions Act" (FICA)?
Maybe we should finally go ahead and acknowledge it for what it is.
Posted on 4/3/24 at 2:21 pm to WildTchoupitoulas
quote:
just like any other insurance.
Not Whole Life Insurance, which SS is more like than Term..
Posted on 4/3/24 at 2:22 pm to WildTchoupitoulas
quote:
Then why is it officially called the federal "Old-Age, Survivors, and Disability Insurance "(OASDI) program?
Why are premiums paid out through the, "Federal Insurance Contributions Act" (FICA)?
Maybe we should finally go ahead and acknowledge it for what it is.
You are right, the disability portion is an insurance program. The retirement part is a forced, earned and paid for benefit.
Posted on 4/3/24 at 2:35 pm to armtackledawg
quote:
"Old-Age, Survivors, and Disability Insurance"
the disability portion is an insurance program
It's "Old-Age, Survivors, and Disability insurance"
quote:
The retirement part is a forced
Originally it was designed as a retirement insurance program. In order for it to get Republican votes, they had to make everyone paying in eligible for benefits. Now that it's broken, they need to remove that requirement that everyone is eligible and just means test. There is no reason that people like Donald Trump, Warren Buffet, Elon Musk, Bill Gates or Jeff Bezos need to be taking Social Security when they retire. NONE.
Posted on 4/3/24 at 2:40 pm to WildTchoupitoulas
quote:
In order for it to get Republican votes, they had to make everyone paying in eligible for benefits.
So it's not an insurance after all then, because without what the Republican changes the law would have just been a tax on working people and a handout to deadbeats.
Posted on 4/3/24 at 2:45 pm to GumboPot
quote:
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:
They allowed retired immigrants, who immigrated to the US, to collect SS benefits who never paid a dime into it.
Posted on 4/3/24 at 2:45 pm to WildTchoupitoulas
quote:
Originally it was designed as a retirement insurance program. In order for it to get Republican votes, they had to make everyone paying in eligible for benefits. Now that it's broken, they need to remove that requirement that everyone is eligible and just means test. There is no reason that people like Donald Trump, Warren Buffet, Elon Musk, Bill Gates or Jeff Bezos need to be taking Social Security when they retire. NONE.
For retirement, you aren't insuring anything other than a lack of responsibility for saving for retirement. Not something that is out of a person's control (like true insurance). Using the most extreme examples does not make it a better or more justified idea.
And I know what you really mean by "means test" - anyone who has saved 10% more than me.
Posted on 4/3/24 at 2:45 pm to TigerSprings
quote:
a tax on working people and a handout to deadbeats.
Yep, just like homeowners insurance.
Posted on 4/3/24 at 3:00 pm to armtackledawg
quote:
saving for retirement.
People lose their savings all the time.
quote:
Not something that is out of a person's control
So, you control the stock market, do you?
quote:
Using the most extreme examples does not make it a better or more justified idea.
Being totally ignorant of history is not a valid argument.
Posted on 4/3/24 at 3:13 pm to Gifman
quote:Not for the people that claim Social Security for the longest.
probably not, but believe it or not, life expectancy is now trending down
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