Your source for news affecting the U.S. Social Security Administration/© Charles T. Hall
Social security is a political issue so....Capitalism. A failure of the bush era tax cuts and his fast track authority(free trade).And failure of mr obama to energize corporate america to create a substantial amount of jobs. Because of this,the average american can not afford a raise in taxes. It may further harm the economy.
The tax increases needed to preserve benefits are trivial, and they don't need to start right now. Cutting benefits would also harm the economy (and retirees), as will threatening to cut them if it causes people to increase savings. Fixing the economy requires more than Obama energizing corporate America, whatever that means. Increasing federal gov't spending (and therefore deficits) would help, but that won't pass Congress.
Nothing big will ever happen while we keep electing neoliberal/neoconservative presidents and congresspeople. Aside from some windowdressing social issues, both the neocons and neolibs making up the overwhelming majority of both parties are identical. Even among "very liberal" or "tea party" types, when push comes to shove they show their true colors as pro-wall street/big finance, pro-big corps, and pro-war. There is only the tiniest of handfuls of exceptions like Bernie Sanders and Ron (not so much Rand) Paul.
This is 8:30 AM, October 28, 2014.I'm just an average american,not an attorney,SSA employee etc. I am a democrat. In my opinion,to fix social security,the economy is issue number one. Some how the government(mr obama )has to spur growth. And raising taxes will further harm growth, therefore further harm SSA programs.
Duh, has everyone forgotten the "tax" cuts that Obama instituted that were reductions to the Social Security tax only? What the heck was he thinking?? 2% is big bucks when it is dropped from everyone's paycheck...
The easiest solution which I guarantee WILL happen someday is just to abolish the FICA cap, and place a hard cap on benefits. I'd make it $3000/month. It's clean, simple, and fair.
Raise the cap on taxed income to $300k. FIXED!
The title of this post could also be "Huge Majorities Hoping to Collect More Benefits than they Pay In"
Folks on Social Security Disability are generally in poverty and tend to spend most of the money they get promptly, which spurs the economy. They are spending the money on goods and services, which is good for the businesses providing such goods and services. Workers earning over $100K tend to save more which spurs the economy less. They can afford a little extra tax on earnings, which as other posters indicate, solves the problem of the fund running out of money down the road. The solution works because it spurs the economy while solving the fund depletion issue. The only reasons that common-sense solution has not been implemented yet are short-sighted and idealogical.
"There is only the tiniest of handfuls of exceptions like Bernie Sanders and Ron (not so much Rand) Paul."Thanks for the shout out! We do get drowned out pretty often by our own party.
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