Social Security can be fixed, but the real battle lies in the politics
August 19, 2012 at 7:00 pm in Duluth News Tribune
Despite Social Security’s long-term problems, the massive retirement and disability program could be preserved for generations to come with modest but politically difficult changes to benefits or taxes, or a combination of both.
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If it could be fixed with higher payroll taxes, then why did St. Barry tell us that a 2% cut would be good for us?
I mean, I only have a couple degrees in math-based majors, but seems to me if you know a fund is running out of money, and that big demands are looming on the horizon, you don’t cut the funds.
But hey I’m just silly like that I guess.
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I’ve had an idea that I believe would solve the whole problem without hurting business. Freeze the amount business have to match where it is currently at, BUT, take away the maximum amount an individual pays. In other words, do not cap the individual income at $110,000.00. That way the business pay 6.5% up to $110,000.00 but the employee pays 6.5% on all income.
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First off all who have not paid into system should be removed excluding eligible spouse & children. If politicians and bleeding hearts feel those should be subsidized find a different system. Place all wage earners on system, this includes Police, Fire, elected officials. Raise employee percentage to 8 and lower employer to 6. Allow workers to place 2 percent into a controlled market based fund that belongs to worker, this portion at retirement belongs to worker not system. Workers SS retirement is to be based 25 year average endowment of funds paid into SS fund with interest rated at annual yield on funds in system. Funds in SS system can not be borrowed by US Treasury at any time.
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Talking about it is one thing. Doing something about it is something else. Congress will probably do something about social security when it’s too late to do any good.
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It needs to end, NOW! As a younger payee, I see an ethical issue on the end of not returning to people what they paid in, but on the other hand, there is an even larger ethical issue with continuing the largest ponzi scheme known to man. The government with Social Security and Medicare make Bernie Madoff look like a mere child. The social experiment has been an absolute failure, it is time to go a different direction and allow people to have the personally responsibility to build their own futures.
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