“We must not allow this type of insurance to become a dole through the mingling of insurance and relief. It is not charity. It must be financed by contributions, not taxes.”
I’ll be generous and assume you genuinely misunderstand FDR’s statement. The contributions he is referencing are FICA taxes. He is contrasting that to supplementing a FICA shortfall with general revenues from non- FICA taxes. Adjusting FICA rates and taxable caps is entirely consistent with what FDR said here.
Actually, the original poster is right. Raising the cap turns it into a welfare program and not an insurance program unless you subsequently increase retirement benefits for those making more than $185K. Is it an eat-the-rich welfare program, or as FDR so eloquently states, is it a fair-minded insurance program?
Federal Insurance Contribution Act How many of you ask your car insurance companies to return to you everything you have "paid in" minus anything they may have spent on repairs to your car? ...How many of you ask your homeowners' insurance companies for everything you paid minus everything they spent on your claims. FICA / SECA
Yet sadly they keep trying to raise the tax cap. Should follow the wonderful advice of FDR: you get out what you put in.
ReplyDeleteI’ll be generous and assume you genuinely misunderstand FDR’s statement. The contributions he is referencing are FICA taxes. He is contrasting that to supplementing a FICA shortfall with general revenues from non- FICA taxes. Adjusting FICA rates and taxable caps is entirely consistent with what FDR said here.
DeleteIncreasing the contributions by raising the cap….
DeleteActually, the original poster is right. Raising the cap turns it into a welfare program and not an insurance program unless you subsequently increase retirement benefits for those making more than $185K. Is it an eat-the-rich welfare program, or as FDR so eloquently states, is it a fair-minded insurance program?
DeleteEven as designed and implemented by FDR it wasn’t a simple get in what you get out program.
DeleteFDR is considered by many historians as one of the greatest leaders our nation has ever had but the current one…
ReplyDeleteFederal Insurance Contribution Act How many of you ask your car insurance companies to return to you everything you have "paid in" minus anything they may have spent on repairs to your car?
ReplyDelete...How many of you ask your homeowners' insurance companies for everything you paid minus everything they spent on your claims.
FICA / SECA
Right. Bend Points. Raise or eliminate the cap and add a bend point.
ReplyDelete