For those having an interest in the "solvency" issue, this NASI article is very helpful. Next time someone tries to sell you a "secure lifetime of income" with an annuity from AIG, take a look at this blog and learn a little about what Social Security is all about. Thanks for calling our attention to this, Mr. Charles. Y'all get busy and read this! The President's certainly interested in this subject and I'll just bet the Secretary of the Treasury is too! Nancy O.
If the worst thing we all have to worry about is a small amount (read the piece--the increases are SMALL)of increased taxes, we're in great shape. The great thing about a govt social insurance system is that governments DO have the power to raise revenues through taxes. AIG doesn't, and I would argue that since he recently depended on a rather substantial Govt "bail out", anyone receiving an annuity issued by AIG is, in fact, doing so because taxpayers money is keeping AIG afloat.
Furthermore, if you continue to read NAIS's article it goes on to say that the benefit schedule should be adjusted upward for some groups of needy individuals such as aged disabled widow(ers), disabled adult children, the lowest level earners, et al. There is the addition factor of supplying some form of secure replacement for the vaporized 401k's of middle income earners whose retirement investments disappeared in a puff of smoke thanks to the manipulations of GS, Lehman, and, yes, AIG. The people who gave us the Great Recession--those guys, remember them? The ones with the huge bonuses this year? Princes among men, if there ever were any./snark/
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For those having an interest in the "solvency" issue, this NASI article is very helpful. Next time someone tries to sell you a "secure lifetime of income" with an annuity from AIG, take a look at this blog and learn a little about what Social Security is all about. Thanks for calling our attention to this, Mr. Charles. Y'all get busy and read this! The President's certainly interested in this subject and I'll just bet the Secretary of the Treasury is too! Nancy O.
The annuity from AIG work be just as good if AIG could tax people to death and print money.
Options to balance Social Security's future finances include:
-- Lifting the cap (now $106,800) on the earnings from which workers and employers pay Social Security taxes;
More taxes
-- Broadening the base for Social Security taxes
More texes
Scheduling modest rate increases in the future when funds will be needed
More taxes
Dedicating progressive taxes to pay part of Social Security's future cost
More taxes
Gradually lowering some future benefits.
Then reducing the benefit you get on all the extra taxes.
If the worst thing we all have to worry about is a small amount (read the piece--the increases are SMALL)of increased taxes, we're in great shape. The great thing about a govt social insurance system is that governments DO have the power to raise revenues through taxes. AIG doesn't, and I would argue that since he recently depended on a rather substantial Govt "bail out", anyone receiving an annuity issued by AIG is, in fact, doing so because taxpayers money is keeping AIG afloat.
Furthermore, if you continue to read NAIS's article it goes on to say that the benefit schedule should be adjusted upward for some groups of needy individuals such as aged disabled widow(ers), disabled adult children, the lowest level earners, et al. There is the addition factor of supplying some form of secure replacement for the vaporized 401k's of middle income earners whose retirement investments disappeared in a puff of smoke thanks to the manipulations of GS, Lehman, and, yes, AIG. The people who gave us the Great Recession--those guys, remember them? The ones with the huge bonuses this year? Princes among men, if there ever were any./snark/
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