....screw the people who saved diligently and don't really need it.
Fixing Social Security — the right way - The Washington Post
Fixing Social Security — the right way - The Washington Post
So if we’re going to cut benefits — which I think is inevitable — let’s be careful to concentrate the impact on the likes of me (for whom Social Security is important, but not crucial) and mitigate the impact on the less fortunate.
....screw the people who saved diligently and don't really need it.
Fixing Social Security — the right way - The Washington Post
I don't understand why they continue with the "payroll tax" holiday if it is taking money out of the system. It's more of the same problem - spend today at the expense of having anything saved for a rainy day. I don't know why they want to extend it?
I am expecting this thread to be closed sooner rather than later
Hey wait a minute, ramen is really quite nutritious, and red Porsches, if there is such a thing, are quite important as mating signals.As I slowly approach age 62, I hope there are other ways to save Social Security than cutting my future benefits (because I really did have my eyes on that nice red Porsche,) but if I have to continue driving my plain old Toyota so some old person doesn't have to eat Ramen noodles every day, I would do it in a heartbeat and I would like to believe most Americans feel the same way as I do.
Nah. I like Soilent Green better.I've got a solution that should appeal to all of the Objectivists out there, while reducing the national debt, providing local jobs, and giving those who practice charity an exciting new outlet. It also provides older individuals an incentive to maintain their physical and mental health as well as their social skills.
I don't understand why they continue with the "payroll tax" holiday if it is taking money out of the system. It's more of the same problem - spend today at the expense of having anything saved for a rainy day. I don't know why they want to extend it?
MichaelB said:Nah. I like Soilent Green better.
The moderate options:
1) cut SS benefits to everyone equally.
2) cut SS benefits of only those who "can afford it".
3) raise the SS tax so that benefits are maintained.
I hate to think what would happen if those who can't even think about saving for their own retirement today have to deal with no SS in the future. I'd like to keep some form of "forced" retirement planning, sized at something close to minimum subsistance level, and paid for as needed. Hopefully with a "trust fund" function that avoids taxing current workers for past retiree benefits. It would be nice if we didn't have to do that, but that won't be happening any time soon.
Nah. I like Soilent Green better.
However, a majority of Americans have proved themselves to be very shortsighted and undisciplined
Some ways to extend the life of the ss "trust fund"
- all taxes raised from taxed ss benefits go back to trust fund
- cap annual increases to benefits at no greater than the average growth of income by wage earners, not CPI.
- means test ss benefits for all
- separate accounting of the "trust fund" and allow trust fund to invest in other than fed govt securities
- increase ss tax and eliminate max wage limit on ss taxable income
I agree with most of your post except means testing.
Means testing would penalize those who were/are prudent and saved for retirement and reward those who were/are careless and did not save for retirement. IMO if you have means testing, it would simply further discourage responsible behavior - one might as well spend and enjoy during their working years and SS will bail them out in retirement. Is that what we really want?
As globalization continues apace, hourly wages in the US can be expected to go down. Some of the jobs that won't be done overseas require physical labor--construction, etc. As a practical matter, people just can't do these jobs until they are 70. So, while we may/should keep sliding the full retirement age to the right, I think we probably need to keep options for people to retire earlier with a somewhat smaller monthly check. Those used-up bodies will still need the money at about 63, and if they can't get their SS retirement check many will just get disability checks instead.I am in favor of raising the retirement age, as people are living longer.