Biden looking for new ways to tax poor and middle class Americans

[Nostra]

Ronald Reagan was the last one to raise retirement age. Will Biden be the next?

People are living longer than they were 40 years ago

And?

AND so the old rate structure no longer works

And increasing the age to 70 won't work either.
People in their 50s (I'm 56) already have issues doing physical things they used to do at a breeze.
60s - worse. By 70? You can't work half as good as you used to be able to.
And that includes mental skills.
People need to be able to retire. It also makes room for younger folks to find jobs.

Also - we have a HUGE problem in our society of ageism. Raising the retirement age will only make that worse.

People are drawing Social Security for longer periods of time now than they were 40 years ago.

Leaves you with two choices....Have workers work longer or have them contribute more

Choose your poison

Doesn't have to be poison.
It is not that difficult of a fix:

1) Actually do something about rampant SS fraud... and not just the $3 billion a year SS claims is fraud, but fraud in disability. Some watch groups place this number easily up to $10 Billion more.
2) Only 57% of the population pay any income taxes. Over 40% get more back than they paid in. This is unsustainable.
3) Make it illegal for the federal government to use SS funds as collateral to borrow from. 14% of the national debt is money borrowed from SS. It is estimated by 2034 the government will no longer be able to pay it back.

I can go on.

Make it illegal for the federal government to use SS funds as collateral to borrow from.

Where should Social Security contributions be invested? Corporate bonds?
Stocks? Commodities?

Most SS contributions go to paying existing retirees

Ponzi scheme.

It works

It's broke. And as the baby boomers keep moving into retirement it will move further and further into the red.

Shoulda been privatized long ago. Retirees would be much better off.

 

[Bob Blaylock]

Most SS contributions go to paying existing retirees

As originally represented, the Socialist inSecurity scam was supposed to put each worker's contributions into an account for that worker. As 65 was, at the time, the median life expectancy of a working-class man, it was expected that half of them would not live to collect, and so the share of those who died before reaching that point could be distributed among those who lived past that point.

Of course, that's not how it has ever actually operated. Money paid in by existing workers is being paid out to those already retired, who hope themselves to be paid out of future contributions from younger workers.

In the 1920s, a man named Carlo Pietro Giovanni Guglielmo Tebaldo Ponzi achieved fame for running a scheme that worked exactly the same way. He was not the first, by any means, to run such a scam, but so infamous was his instance of it that to this day, it is popularly known in any variation as a “Ponzi scheme”.

 

[rightwinger]

Ronald Reagan was the last one to raise retirement age. Will Biden be the next?

People are living longer than they were 40 years ago

And?

AND so the old rate structure no longer works

And increasing the age to 70 won't work either.
People in their 50s (I'm 56) already have issues doing physical things they used to do at a breeze.
60s - worse. By 70? You can't work half as good as you used to be able to.
And that includes mental skills.
People need to be able to retire. It also makes room for younger folks to find jobs.

Also - we have a HUGE problem in our society of ageism. Raising the retirement age will only make that worse.

People are drawing Social Security for longer periods of time now than they were 40 years ago.

Leaves you with two choices....Have workers work longer or have them contribute more

Choose your poison

Doesn't have to be poison.
It is not that difficult of a fix:

1) Actually do something about rampant SS fraud... and not just the $3 billion a year SS claims is fraud, but fraud in disability. Some watch groups place this number easily up to $10 Billion more.
2) Only 57% of the population pay any income taxes. Over 40% get more back than they paid in. This is unsustainable.
3) Make it illegal for the federal government to use SS funds as collateral to borrow from. 14% of the national debt is money borrowed from SS. It is estimated by 2034 the government will no longer be able to pay it back.

I can go on.

Make it illegal for the federal government to use SS funds as collateral to borrow from.

Where should Social Security contributions be invested? Corporate bonds?
Stocks? Commodities?

Most SS contributions go to paying existing retirees

Ponzi scheme.

It works

It's broke. And as the baby boomers keep moving into retirement it will move further and further into the red.

Shoulda been privatized long ago. Retirees would be much better off.

Conservatives have declared Social Security broke for 50 years.
All it needs now is an adjustment to contributions/retirement age

 

[rightwinger]

Most SS contributions go to paying existing retirees

As originally represented, the Socialist inSecurity scam was supposed to put each worker's contributions into an account for that worker. As 65 was, at the time, the median life expectancy of a working-class man, it was expected that half of them would not live to collect, and so the share of those who died before reaching that point could be distributed among those who lived past that point.

Of course, that's not how it has ever actually operated. Money paid in by existing workers is being paid out to those already retired, who hope themselves to be paid out of future contributions from younger workers.

In the 1920s, a man named Carlo Pietro Giovanni Guglielmo Tebaldo Ponzi achieved fame for running a scheme that worked exactly the same way. He was not the first, by any means, to run such a scam, but so infamous was his instance of it that to this day, it is popularly known in any variation as a “Ponzi scheme”.

Not exactly
If Social Security waited until there was enough money in the fund to begin paying benefits, people would not have been able to retire until the 1960s
You have to remember SS was formed in the Great Depression. The elderly couldn’t wait 30 years to accumulate benefits.

Social Security is not a Ponzi Scheme because it has the might of the US Economy behind it. A Ponzi Scheme does not

 

[Nostra]

Ronald Reagan was the last one to raise retirement age. Will Biden be the next?

People are living longer than they were 40 years ago

And?

AND so the old rate structure no longer works

And increasing the age to 70 won't work either.
People in their 50s (I'm 56) already have issues doing physical things they used to do at a breeze.
60s - worse. By 70? You can't work half as good as you used to be able to.
And that includes mental skills.
People need to be able to retire. It also makes room for younger folks to find jobs.

Also - we have a HUGE problem in our society of ageism. Raising the retirement age will only make that worse.

People are drawing Social Security for longer periods of time now than they were 40 years ago.

Leaves you with two choices....Have workers work longer or have them contribute more

Choose your poison

Doesn't have to be poison.
It is not that difficult of a fix:

1) Actually do something about rampant SS fraud... and not just the $3 billion a year SS claims is fraud, but fraud in disability. Some watch groups place this number easily up to $10 Billion more.
2) Only 57% of the population pay any income taxes. Over 40% get more back than they paid in. This is unsustainable.
3) Make it illegal for the federal government to use SS funds as collateral to borrow from. 14% of the national debt is money borrowed from SS. It is estimated by 2034 the government will no longer be able to pay it back.

I can go on.

Make it illegal for the federal government to use SS funds as collateral to borrow from.

Where should Social Security contributions be invested? Corporate bonds?
Stocks? Commodities?

Most SS contributions go to paying existing retirees

Ponzi scheme.

It works

It's broke. And as the baby boomers keep moving into retirement it will move further and further into the red.

Shoulda been privatized long ago. Retirees would be much better off.

Conservatives have declared Social Security broke for 50 years.
All it needs now is an adjustment to contributions/retirement age

When you are paying out more than you are taking in, you are broke.

Shoulda been privatized long ago. Retirees would be better off.

 

[rightwinger]

Ronald Reagan was the last one to raise retirement age. Will Biden be the next?

People are living longer than they were 40 years ago

And?

AND so the old rate structure no longer works

And increasing the age to 70 won't work either.
People in their 50s (I'm 56) already have issues doing physical things they used to do at a breeze.
60s - worse. By 70? You can't work half as good as you used to be able to.
And that includes mental skills.
People need to be able to retire. It also makes room for younger folks to find jobs.

Also - we have a HUGE problem in our society of ageism. Raising the retirement age will only make that worse.

People are drawing Social Security for longer periods of time now than they were 40 years ago.

Leaves you with two choices....Have workers work longer or have them contribute more

Choose your poison

Doesn't have to be poison.
It is not that difficult of a fix:

1) Actually do something about rampant SS fraud... and not just the $3 billion a year SS claims is fraud, but fraud in disability. Some watch groups place this number easily up to $10 Billion more.
2) Only 57% of the population pay any income taxes. Over 40% get more back than they paid in. This is unsustainable.
3) Make it illegal for the federal government to use SS funds as collateral to borrow from. 14% of the national debt is money borrowed from SS. It is estimated by 2034 the government will no longer be able to pay it back.

I can go on.

Make it illegal for the federal government to use SS funds as collateral to borrow from.

Where should Social Security contributions be invested? Corporate bonds?
Stocks? Commodities?

Most SS contributions go to paying existing retirees

Ponzi scheme.

It works

It's broke. And as the baby boomers keep moving into retirement it will move further and further into the red.

Shoulda been privatized long ago. Retirees would be much better off.

Conservatives have declared Social Security broke for 50 years.
All it needs now is an adjustment to contributions/retirement age

When you are paying out more than you are taking in, you are broke.

Shoulda been privatized long ago. Retirees would be better off.

How do you propose privatizing it?
How will you pay for those currently retired or retiring shortly?

 

[Nostra]

Ronald Reagan was the last one to raise retirement age. Will Biden be the next?

People are living longer than they were 40 years ago

And?

AND so the old rate structure no longer works

And increasing the age to 70 won't work either.
People in their 50s (I'm 56) already have issues doing physical things they used to do at a breeze.
60s - worse. By 70? You can't work half as good as you used to be able to.
And that includes mental skills.
People need to be able to retire. It also makes room for younger folks to find jobs.

Also - we have a HUGE problem in our society of ageism. Raising the retirement age will only make that worse.

People are drawing Social Security for longer periods of time now than they were 40 years ago.

Leaves you with two choices....Have workers work longer or have them contribute more

Choose your poison

Doesn't have to be poison.
It is not that difficult of a fix:

1) Actually do something about rampant SS fraud... and not just the $3 billion a year SS claims is fraud, but fraud in disability. Some watch groups place this number easily up to $10 Billion more.
2) Only 57% of the population pay any income taxes. Over 40% get more back than they paid in. This is unsustainable.
3) Make it illegal for the federal government to use SS funds as collateral to borrow from. 14% of the national debt is money borrowed from SS. It is estimated by 2034 the government will no longer be able to pay it back.

I can go on.

Make it illegal for the federal government to use SS funds as collateral to borrow from.

Where should Social Security contributions be invested? Corporate bonds?
Stocks? Commodities?

Most SS contributions go to paying existing retirees

Ponzi scheme.

It works

It's broke. And as the baby boomers keep moving into retirement it will move further and further into the red.

Shoulda been privatized long ago. Retirees would be much better off.

Conservatives have declared Social Security broke for 50 years.
All it needs now is an adjustment to contributions/retirement age

When you are paying out more than you are taking in, you are broke.

Shoulda been privatized long ago. Retirees would be better off.

How do you propose privatizing it?
How will you pay for those currently retired or retiring shortly?

There would have to be an age cutoff where anyone older than that would continue to get the SS promised them.

As far as privatizing, do exactly what 4 counties in TX did when they opted out of SS before Congress outlawed it.

 

[rightwinger]

Ronald Reagan was the last one to raise retirement age. Will Biden be the next?

People are living longer than they were 40 years ago

And?

AND so the old rate structure no longer works

And increasing the age to 70 won't work either.
People in their 50s (I'm 56) already have issues doing physical things they used to do at a breeze.
60s - worse. By 70? You can't work half as good as you used to be able to.
And that includes mental skills.
People need to be able to retire. It also makes room for younger folks to find jobs.

Also - we have a HUGE problem in our society of ageism. Raising the retirement age will only make that worse.

People are drawing Social Security for longer periods of time now than they were 40 years ago.

Leaves you with two choices....Have workers work longer or have them contribute more

Choose your poison

Doesn't have to be poison.
It is not that difficult of a fix:

1) Actually do something about rampant SS fraud... and not just the $3 billion a year SS claims is fraud, but fraud in disability. Some watch groups place this number easily up to $10 Billion more.
2) Only 57% of the population pay any income taxes. Over 40% get more back than they paid in. This is unsustainable.
3) Make it illegal for the federal government to use SS funds as collateral to borrow from. 14% of the national debt is money borrowed from SS. It is estimated by 2034 the government will no longer be able to pay it back.

I can go on.

Make it illegal for the federal government to use SS funds as collateral to borrow from.

Where should Social Security contributions be invested? Corporate bonds?
Stocks? Commodities?

Most SS contributions go to paying existing retirees

Ponzi scheme.

It works

It's broke. And as the baby boomers keep moving into retirement it will move further and further into the red.

Shoulda been privatized long ago. Retirees would be much better off.

Conservatives have declared Social Security broke for 50 years.
All it needs now is an adjustment to contributions/retirement age

When you are paying out more than you are taking in, you are broke.

Shoulda been privatized long ago. Retirees would be better off.

How do you propose privatizing it?
How will you pay for those currently retired or retiring shortly?

There would have to be an age cutoff where anyone older than that would continue to get the SS promised them.

As far as privatizing, do exactly what 4 counties in TX did when they opted out of SS before Congress outlawed it.

Problem is that current retirees are paid from the contributions of those currently working.
Divert that money to private accounts and you have no way to pay those who are currently retired

 

[Nostra]

Ronald Reagan was the last one to raise retirement age. Will Biden be the next?

People are living longer than they were 40 years ago

And?

AND so the old rate structure no longer works

And increasing the age to 70 won't work either.
People in their 50s (I'm 56) already have issues doing physical things they used to do at a breeze.
60s - worse. By 70? You can't work half as good as you used to be able to.
And that includes mental skills.
People need to be able to retire. It also makes room for younger folks to find jobs.

Also - we have a HUGE problem in our society of ageism. Raising the retirement age will only make that worse.

People are drawing Social Security for longer periods of time now than they were 40 years ago.

Leaves you with two choices....Have workers work longer or have them contribute more

Choose your poison

Doesn't have to be poison.
It is not that difficult of a fix:

1) Actually do something about rampant SS fraud... and not just the $3 billion a year SS claims is fraud, but fraud in disability. Some watch groups place this number easily up to $10 Billion more.
2) Only 57% of the population pay any income taxes. Over 40% get more back than they paid in. This is unsustainable.
3) Make it illegal for the federal government to use SS funds as collateral to borrow from. 14% of the national debt is money borrowed from SS. It is estimated by 2034 the government will no longer be able to pay it back.

I can go on.

Make it illegal for the federal government to use SS funds as collateral to borrow from.

Where should Social Security contributions be invested? Corporate bonds?
Stocks? Commodities?

Most SS contributions go to paying existing retirees

Ponzi scheme.

It works

It's broke. And as the baby boomers keep moving into retirement it will move further and further into the red.

Shoulda been privatized long ago. Retirees would be much better off.

Conservatives have declared Social Security broke for 50 years.
All it needs now is an adjustment to contributions/retirement age

When you are paying out more than you are taking in, you are broke.

Shoulda been privatized long ago. Retirees would be better off.

How do you propose privatizing it?
How will you pay for those currently retired or retiring shortly?

There would have to be an age cutoff where anyone older than that would continue to get the SS promised them.

As far as privatizing, do exactly what 4 counties in TX did when they opted out of SS before Congress outlawed it.

Problem is that current retirees are paid from the contributions of those currently working.
Divert that money to private accounts and you have no way to pay those who are currently retired

Bullshit. Cut from other spending, or just borrow it.

Instead of spending $86 Million putting illegals in hotels, use it for SS payments. Where did Biden get the money for his $1.9 TRILLION pork bill?

 

[Toddsterpatriot]

Ronald Reagan was the last one to raise retirement age. Will Biden be the next?

People are living longer than they were 40 years ago

And?

AND so the old rate structure no longer works

And increasing the age to 70 won't work either.
People in their 50s (I'm 56) already have issues doing physical things they used to do at a breeze.
60s - worse. By 70? You can't work half as good as you used to be able to.
And that includes mental skills.
People need to be able to retire. It also makes room for younger folks to find jobs.

Also - we have a HUGE problem in our society of ageism. Raising the retirement age will only make that worse.

People are drawing Social Security for longer periods of time now than they were 40 years ago.

Leaves you with two choices....Have workers work longer or have them contribute more

Choose your poison

Doesn't have to be poison.
It is not that difficult of a fix:

1) Actually do something about rampant SS fraud... and not just the $3 billion a year SS claims is fraud, but fraud in disability. Some watch groups place this number easily up to $10 Billion more.
2) Only 57% of the population pay any income taxes. Over 40% get more back than they paid in. This is unsustainable.
3) Make it illegal for the federal government to use SS funds as collateral to borrow from. 14% of the national debt is money borrowed from SS. It is estimated by 2034 the government will no longer be able to pay it back.

I can go on.

Make it illegal for the federal government to use SS funds as collateral to borrow from.

Where should Social Security contributions be invested? Corporate bonds?
Stocks? Commodities?

Most SS contributions go to paying existing retirees

More than contributions, but that doesn't answer my question.

 

[rightwinger]

Ronald Reagan was the last one to raise retirement age. Will Biden be the next?

People are living longer than they were 40 years ago

And?

AND so the old rate structure no longer works

And increasing the age to 70 won't work either.
People in their 50s (I'm 56) already have issues doing physical things they used to do at a breeze.
60s - worse. By 70? You can't work half as good as you used to be able to.
And that includes mental skills.
People need to be able to retire. It also makes room for younger folks to find jobs.

Also - we have a HUGE problem in our society of ageism. Raising the retirement age will only make that worse.

People are drawing Social Security for longer periods of time now than they were 40 years ago.

Leaves you with two choices....Have workers work longer or have them contribute more

Choose your poison

Doesn't have to be poison.
It is not that difficult of a fix:

1) Actually do something about rampant SS fraud... and not just the $3 billion a year SS claims is fraud, but fraud in disability. Some watch groups place this number easily up to $10 Billion more.
2) Only 57% of the population pay any income taxes. Over 40% get more back than they paid in. This is unsustainable.
3) Make it illegal for the federal government to use SS funds as collateral to borrow from. 14% of the national debt is money borrowed from SS. It is estimated by 2034 the government will no longer be able to pay it back.

I can go on.

Make it illegal for the federal government to use SS funds as collateral to borrow from.

Where should Social Security contributions be invested? Corporate bonds?
Stocks? Commodities?

Most SS contributions go to paying existing retirees

Ponzi scheme.

It works

It's broke. And as the baby boomers keep moving into retirement it will move further and further into the red.

Shoulda been privatized long ago. Retirees would be much better off.

Conservatives have declared Social Security broke for 50 years.
All it needs now is an adjustment to contributions/retirement age

When you are paying out more than you are taking in, you are broke.

Shoulda been privatized long ago. Retirees would be better off.

How do you propose privatizing it?
How will you pay for those currently retired or retiring shortly?

There would have to be an age cutoff where anyone older than that would continue to get the SS promised them.

As far as privatizing, do exactly what 4 counties in TX did when they opted out of SS before Congress outlawed it.

Problem is that current retirees are paid from the contributions of those currently working.
Divert that money to private accounts and you have no way to pay those who are currently retired

Bullshit. Cut from other spending, or just borrow it.

Instead of spending $86 Million putting illegals in hotels, use it for SS payments. Where did Biden get the money for his $1.9 TRILLION pork bill?

LOL

You think $86 million even scratches the surface?
SS would take tens of trillions to privatize

 

[Thinker101]

Ronald Reagan was the last one to raise retirement age. Will Biden be the next?

People are living longer than they were 40 years ago

And?

AND so the old rate structure no longer works

And increasing the age to 70 won't work either.
People in their 50s (I'm 56) already have issues doing physical things they used to do at a breeze.
60s - worse. By 70? You can't work half as good as you used to be able to.
And that includes mental skills.
People need to be able to retire. It also makes room for younger folks to find jobs.

Also - we have a HUGE problem in our society of ageism. Raising the retirement age will only make that worse.

People are drawing Social Security for longer periods of time now than they were 40 years ago.

Leaves you with two choices....Have workers work longer or have them contribute more

Choose your poison

Doesn't have to be poison.
It is not that difficult of a fix:

1) Actually do something about rampant SS fraud... and not just the $3 billion a year SS claims is fraud, but fraud in disability. Some watch groups place this number easily up to $10 Billion more.
2) Only 57% of the population pay any income taxes. Over 40% get more back than they paid in. This is unsustainable.
3) Make it illegal for the federal government to use SS funds as collateral to borrow from. 14% of the national debt is money borrowed from SS. It is estimated by 2034 the government will no longer be able to pay it back.

I can go on.

Make it illegal for the federal government to use SS funds as collateral to borrow from.

Where should Social Security contributions be invested? Corporate bonds?
Stocks? Commodities?

Most SS contributions go to paying existing retirees

Ponzi scheme.

It works

It's broke. And as the baby boomers keep moving into retirement it will move further and further into the red.

Shoulda been privatized long ago. Retirees would be much better off.

Conservatives have declared Social Security broke for 50 years.
All it needs now is an adjustment to contributions/retirement age

When you are paying out more than you are taking in, you are broke.

Shoulda been privatized long ago. Retirees would be better off.

How do you propose privatizing it?
How will you pay for those currently retired or retiring shortly?

There would have to be an age cutoff where anyone older than that would continue to get the SS promised them.

As far as privatizing, do exactly what 4 counties in TX did when they opted out of SS before Congress outlawed it.

Problem is that current retirees are paid from the contributions of those currently working.
Divert that money to private accounts and you have no way to pay those who are currently retired

Bullshit. Cut from other spending, or just borrow it.

Instead of spending $86 Million putting illegals in hotels, use it for SS payments. Where did Biden get the money for his $1.9 TRILLION pork bill?

LOL

You think $86 million even scratches the surface?
SS would take tens of trillions to privatize

Yep, $86 million may not scratch the surface, so what the hell let's flush it down the toilet. Damn, what the hell is wrong with you folks.

 

[Nostra]

Ronald Reagan was the last one to raise retirement age. Will Biden be the next?

People are living longer than they were 40 years ago

And?

AND so the old rate structure no longer works

And increasing the age to 70 won't work either.
People in their 50s (I'm 56) already have issues doing physical things they used to do at a breeze.
60s - worse. By 70? You can't work half as good as you used to be able to.
And that includes mental skills.
People need to be able to retire. It also makes room for younger folks to find jobs.

Also - we have a HUGE problem in our society of ageism. Raising the retirement age will only make that worse.

People are drawing Social Security for longer periods of time now than they were 40 years ago.

Leaves you with two choices....Have workers work longer or have them contribute more

Choose your poison

Doesn't have to be poison.
It is not that difficult of a fix:

1) Actually do something about rampant SS fraud... and not just the $3 billion a year SS claims is fraud, but fraud in disability. Some watch groups place this number easily up to $10 Billion more.
2) Only 57% of the population pay any income taxes. Over 40% get more back than they paid in. This is unsustainable.
3) Make it illegal for the federal government to use SS funds as collateral to borrow from. 14% of the national debt is money borrowed from SS. It is estimated by 2034 the government will no longer be able to pay it back.

I can go on.

Make it illegal for the federal government to use SS funds as collateral to borrow from.

Where should Social Security contributions be invested? Corporate bonds?
Stocks? Commodities?

Most SS contributions go to paying existing retirees

Ponzi scheme.

It works

It's broke. And as the baby boomers keep moving into retirement it will move further and further into the red.

Shoulda been privatized long ago. Retirees would be much better off.

Conservatives have declared Social Security broke for 50 years.
All it needs now is an adjustment to contributions/retirement age

When you are paying out more than you are taking in, you are broke.

Shoulda been privatized long ago. Retirees would be better off.

How do you propose privatizing it?
How will you pay for those currently retired or retiring shortly?

There would have to be an age cutoff where anyone older than that would continue to get the SS promised them.

As far as privatizing, do exactly what 4 counties in TX did when they opted out of SS before Congress outlawed it.

Problem is that current retirees are paid from the contributions of those currently working.
Divert that money to private accounts and you have no way to pay those who are currently retired

Bullshit. Cut from other spending, or just borrow it.

Instead of spending $86 Million putting illegals in hotels, use it for SS payments. Where did Biden get the money for his $1.9 TRILLION pork bill?

LOL

You think $86 million even scratches the surface?
SS would take tens of trillions to privatize

Never said it would pay for all of it.

Show us your data on this "tens of trillions".