Ray From Cleveland
Diamond Member
- Aug 16, 2015
- 97,215
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They're pushing for higher retirement ages because they are REPUBLICANS, screwing the workers.BS. SS being broke is another huge GOP hoax, AARP's #1 myth. Raise the tax cap.
Yeah, more tax the rich nonsense. Did you ever think that when you keep going back to the rich for more money, eventually they will leave like so many companies and wealth people have already?
If SS isn't going broke, why are they pushing for later retirement ages? Why should we lift the ceiling if SS is sound?
You libs don't have common sense enough to ask yourselves these questions. Obviously they are going broke.
Could Social Security go bankrupt? Not Likely
Don't you even read the crap you post, or do you just look at headlines and throw it up here? Maybe you need some help:
"Under the law, if Congress doesn't agree on a plan of action to close the funding gap, benefits would need to be reduced so that taxes collected would equal benefits paid. Even in this worst-case scenario, however, retirees would still receive, on average, about 77 percent of the benefits they're expecting to get. While that certainly wouldn't be good news, benefits wouldn't go anywhere near zero.
Meanwhile, Social Security's long-term funding deficit can be reduced or eliminated with some combination of tax increases or benefit cuts phased in over time. For example, the long-term deficit could be eliminated without raising taxes if benefits were immediately reduced by 16.5 percent in aggregate. Congress could reduce benefits by increasing the retirement age, reducing the amount of monthly benefits, slowing increases in the cost of living adjustment, or some combination of these methods.
The long-term deficit also could be eliminated without reducing benefits if taxes were immediately increased by 2.66 percent of total covered payroll. You currently pay 6.2 percent of your earnings, up to $117,000, to fund retirement, survivors and disability benefits; your employer pays an equal amount. Congress could raise taxes by increasing the tax rate, increasing the limit on the amount of compensation that's subject to taxes, or some combination of the two."
So what they are saying is that one of three things are going to have to happen here: One is for Congress to put us deeper into debt by putting more tax money into the fund. Two is to reduce benefits greatly. Three is a tax increase.
This is what it's going to take to keep SS going. It cannot continue without making some sacrifices.