Jeffrey Mirin of the right wing Cato Institute looks at the possibility of the Social Security trust funds running dry and benefits being cut by more than 20% and yawns. His view is any increase in taxes is quite out of the question so let's do nothing and let nature take its course. As he says, "the ideal Social Security system would have much lower benefits, if any."
11 comments:
"Thus, in a perfect world, Congress would enact a substantial but compassionate cut in benefits."
Conservative dissonance, perfectly summed up. "We love you grammy, that's why we want you to eat cat food"
Maybe a little magic dust and say
Abracadabra will do the trick. The solution on planet earth is to raise or eliminate the cap. No magic dust required.
They say in their ideal Social Security retirement system "The distributional goal of Social Security—providing income to elderly people no longer able to support themselves—would fall to the Disability Insurance system (or even better, be left entirely to individual states)." But having 50+ state/territory systems is inefficient and reduces mobility. Requiring 83-year-olds to prove disability is inefficient and costly. And the paper completely neglects survivor benefits. Even if I agreed with their goals I can think of much better ways to achieve them than an across the board 22% benefit cut.
Why not do everything? 1. Raise retirement age. 2. Hike the FICA tax on everybody. 3. Raise the income cap slightly but make sure no one is cheated out of extra benefits. 4. Require non-citizens to pay in but ban them from receiving benefits.
...."stronger incentives for private saving". That savings thing is becoming a real issue in the working world. Private savings?! Sure, if one makes 6 figure incomes, or close, that's easy. The majority of average Americans do not; but then again, the government really isn't caring much about the majority these daze. 1% gets everything they want. The rest can eat scraps off restaurant floors for all they care. I mean, those people ARE eating, right? 🙄
It isn’t easy on six figures unless you’re able to live out in the sticks (and good luck finding any work above minimum wage in those places). Apparently the American dream now is to suffer in poverty or at least financial anxiety until the sweet relief of death comes for you.
This is the Republican goal ever since Social Security was first enacted! Kill Social Security and bring back the "discipline of the Poor Farms and Poor Houses where one must work in order to eat"
As long as Republicans control Congress NOTHING will be done to prevent that upcoming across the board benefit cut coming down the tracks!
Will people invest when Social Security is cut? Oh yes they will invest...in Powerball and MegaMillions tickets!
In other words we should all work until we’re dead or physically incapacitated. Certainly matches what I’ve heard from the GOP my entire life. Holy s**t people, is this enough to wake you the f**k up?
People are going to act surprised when their checks are reduced within the next 6 years.
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