Will Republicans end social security?

[miketx]

Who is making promises for 2024?

As always it deflects.

 

[kyzr]

As always it deflects.

Both parties are deflecting or dodging the issue.
Both SS & Medicare need to be "fixed" yet I don't see anyone putting forth a Bill to fix them.
SS can be fixed by raising the cap and the ages.
Medicare can be fixed by raising the tax and the co-pay.

So why aren't they working on it? Either party can win votes by doing something and making the other party tap-dance.

 

[struth]

Both parties are deflecting or dodging the issue.
Both SS & Medicare need to be "fixed" yet I don't see anyone putting forth a Bill to fix them.
SS can be fixed by raising the cap and the ages.
Medicare can be fixed by raising the tax and the co-pay.

So why aren't they working on it? Either party can win votes by doing something and making the other party tap-dance.

actually many people have proposed fixes

neither of your recommendations fix either, we’ve kicked the can down the road with both by raising taxes and raising the retirement age in the past, doesn’t fix it…raising the cap in SS does not fix, all that means is the rich that would pay more, would get more back

 

[jc456]

Can I bump my own thread? I just heard on snl weekend update “Donald trump accused Ron disantis of wanting to cut social security and Medicare”

Is trump lying?

So Ukraine is America’s?

 

[jc456]

actually many people have proposed fixes

neither of your recommendations fix either, we’ve kicked the can down the road with both by raising taxes and raising the retirement age in the past, doesn’t fix it…raising the cap in SS does not fix, all that means is the rich that would pay more, would get more back

Ponzi schemes always fail

 

[Rust_Cohle]

It wasn't discussed during the elections but does any one doubt SS is going to be put on the chopping block?

No way one usmb Republican will say they like and want to keep SS.

And if they want to at least tell us in 2019 so we can vote on it.

I like and want to keep social security but it needs to be fixed. My buddy from childhood moved to Australia and they way they do it there would be much better than here.

We also have waste and abuse that should be cleaned up

And we have people who should be on it that get denied

On top of that we have politicians who "borrowed" the funds

A better system needs to be implemented

 

[WorldWatcher]

actually many people have proposed fixes

neither of your recommendations fix either, we’ve kicked the can down the road with both by raising taxes and raising the retirement age in the past, doesn’t fix it…raising the cap in SS does not fix, all that means is the rich that would pay more, would get more back

Kyze said raise the cap (meaning the wage cap), that doesn't raise the maximum benefit. That would be a separate action.

(Personally I have a totally different method of fixing SS, but just pointing out what he said.)

WW

 

[jc456]

Kyze said raise the cap (meaning the wage cap), that doesn't raise the maximum benefit. That would be a separate action.

(Personally I have a totally different method of fixing SS, but just pointing out what he said.)

WW

Guarantee money is always a failure

 

[kyzr]

actually many people have proposed fixes
neither of your recommendations fix either, we’ve kicked the can down the road with both by raising taxes and raising the retirement age in the past, doesn’t fix it…raising the cap in SS does not fix, all that means is the rich that would pay more, would get more back

1. My fixes work. Here is confirmation that the SS fixes work.

The Future of Social Security

An in-depth look at the current status and long-term stability of benefits that provide retirees with a substantial portion of their monthly income.

www.aarp.org

• Adjust the cap. This year, someone with $1 million in work income would pay the same amount of OASDI tax as someone with $160,200 in wages. Eliminating the taxable wage cap would keep the trust funds solvent until 2060, according to Social Security. Other less-drastic approaches: Simply raise the cap to a higher level, or keep the cap but resume taxing after wages reach a new threshold.
• Increase payroll tax rates. As noted, the current rate is 12.4 percent. Some propose raising that incrementally — say, by 2 percentage points, to 14.4 percent — as a way to bring additional dollars into the trust funds. But some experts note that such tax increases would be hardest felt by those who earn lower wages or are self-employed.
• Broaden the base. Not all state and local employees are covered by Social Security. Some have only public pension coverage. Bringing all newly hired state and local workers into the Social Security system would create a large new influx of cash, although it would mean more beneficiaries to pay later. But this isn’t a simple solution either, as the move could pose challenges to pension plans operated on behalf of local governments.
• Broaden the definition of income. Certain forms of income are not subject to SSA payroll taxes, such as the value of employer-sponsored group health insurance. Gradually eliminating such exclusions — and collecting payroll taxes on the additional income — would keep the trust funds healthy for roughly six additional years. A significantly larger target, and so more politically challenging, would be to levy a Social Security tax on annual investment income, as opposed to just payroll taxes.

https://money.usnews.com/money/blogs/planning-to-retire/2014/11/14/5-potential-social-security-fixes

Increase Social Security taxes. Workers currently pay 6.2 percent of their earnings into the Social Security system, and employers pay a matching amount. If that tax rate was gradually increased to 7.2 percent over 20 years, it would reduce the Social Security funding shortfall by 52 percent, NASI found. For a worker earning $50,000, this tax increase would result in paying 50 cents more per week during each year the change was phased in. Gradually raising the Social Security payroll tax by 1 percent over 20 years is a popular fix, with 83 percent of the survey respondents supporting this change.
Alternatively, the Social Security payroll tax could be increased more abruptly to 7.2 percent in 2022 and 8.2 percent in 2052. This payroll tax increase would reduce Social Security’s funding gap by 76 percent, and result in a sudden $9.60 per week tax increase for a worker earning $50,000 in each year the tax rate changes. A majority of the survey respondents (66 percent) support increasing Social Security taxes in two steps, but the sudden tax increases are less popular than a gradual change.
Increase or eliminate the tax cap. Workers pay into Social Security based on earnings of up to $117,000. People who earn more than that don’t pay Social Security payroll taxes on that amount or have it factored into their retirement benefit. The cap covers about 83 percent of all earnings. If the tax cap were gradually increased over five years until it covers 90 percent of all earnings (a $230,000 tax cap) it would reduce Social Security’s funding shortfall by 29 percent, NASI found. This change would result in the top 6 percent of earners paying higher taxes and getting bigger payments in retirement.
The tax cap could also be gradually eliminated over 10 years. This change would result in the top 6 percent of earners paying Social Security taxes on all of their earnings, instead of only a portion of them, and getting higher benefit payments in retirement. Eliminating the payroll tax cap would reduce 74 percent of Social Security’s shortfall. This change is supported by most Americans, with 80 percent of survey respondents favoring gradually eliminating the taxable earnings cap, including 76 percent of people with family incomes of over $100,000.
Change the cost-of-living adjustment. Social Security benefits are adjusted each year to keep up with inflation as measured by the consumer price index. However, a different measure of inflation could be used that typically grows more slowly, the chained CPI. For example, if the average inflation rate is 3 percent, but the new inflation measure increases by an average of 2.7 percent annually, that new measure would boost a $1,000 monthly Social Security benefit by $27 instead of $30. And these smaller benefit increases each year would add up over time. Using a slower growing measure of inflation to calculate annual cost-of-living adjustments is projected to reduce Social Security’s funding gap by 20 percent. However, three quarters (76 percent) of survey respondents oppose reducing the cost-of-living adjustment.
Raise the retirement age. Social Security’s full retirement age is 66 for most baby boomers and 67 for everyone born in 1960 and later. Benefit payments are reduced if you sign up for Social Security before your full retirement age. Gradually raising the full retirement age to 68 between 2023 and 2028 would reduce benefits by about 7 percent and decrease Social Security’s financial shortfall by 16 percent. Further increasing the retirement age to 70 between 2023 and 2069 decreases benefit payments by 21 percent and reduces the Social Security financing gap by 25 percent. Raising the retirement age past 67 is an unpopular proposal, with 65 percent of adults opposing an increase to 68 and 75 percent rejecting the idea of a full retirement age of 70, including people of all political affiliations and income levels.
Means-test. Means-testing Social Security would reduce or eliminate retirement payouts for retirees with high incomes. For example, you could reduce Social Security benefits for individuals with non-Social Security retirement income higher than $55,000 for individuals or $110,000 for couples and eliminate benefits for people with incomes higher than $110,000 for individuals and $165,000 for couples. This change would reduce Social Security’s shortfall by about 20 percent. However, means-testing Social Security is typically an unpopular idea, with 60 percent of those surveyed opposing the idea, including 64 percent of Republicans, 60 percent of Democrats and 56 percent of Independents. Under current law, all workers who pay Social Security taxes for enough years receive benefits in retirement.

2. Fixing Medicare is tougher, but it can be done. Lots of options.

7 Ways to Fix Medicare | The Motley Fool

Medicare's Hospital Insurance Trust is expected to exhaust its cash reserves in less than 15 years. A fix is needed, but is a solution among these seven proposals?

www.fool.com

Fix what we’ve got and make Medicare right this year

This month and this year, the impending cuts to Medicare may not be immediately apparent to the consumer.

thehill.com

 

[ThunderKiss1965]

I don’t know but probably not. Like dumb old Joe, much of our political class wants to cut social programs while increasing spending on the MIC.

What a country!

Please point out the part of the Constitution that covers social programs ?

 

[Failzero]

Will Democommies end the Second Amendment ?

 

[gmeyers1944]

I am a conservative Republican. Social Security is bad. It was only created to give FDR money for his New Deal programs. I am not in favor of ending it. Too many people (including me) are dependent on it. The better answer to retiring people would have been to teach them how to wisely invest their own money so they would not have to depend on the government after they retire.

 

[struth]

1. My fixes work. Here is confirmation that the SS fixes work.

The Future of Social Security

An in-depth look at the current status and long-term stability of benefits that provide retirees with a substantial portion of their monthly income.

www.aarp.org

• Adjust the cap. This year, someone with $1 million in work income would pay the same amount of OASDI tax as someone with $160,200 in wages. Eliminating the taxable wage cap would keep the trust funds solvent until 2060, according to Social Security. Other less-drastic approaches: Simply raise the cap to a higher level, or keep the cap but resume taxing after wages reach a new threshold.
• Increase payroll tax rates. As noted, the current rate is 12.4 percent. Some propose raising that incrementally — say, by 2 percentage points, to 14.4 percent — as a way to bring additional dollars into the trust funds. But some experts note that such tax increases would be hardest felt by those who earn lower wages or are self-employed.
• Broaden the base. Not all state and local employees are covered by Social Security. Some have only public pension coverage. Bringing all newly hired state and local workers into the Social Security system would create a large new influx of cash, although it would mean more beneficiaries to pay later. But this isn’t a simple solution either, as the move could pose challenges to pension plans operated on behalf of local governments.
• Broaden the definition of income. Certain forms of income are not subject to SSA payroll taxes, such as the value of employer-sponsored group health insurance. Gradually eliminating such exclusions — and collecting payroll taxes on the additional income — would keep the trust funds healthy for roughly six additional years. A significantly larger target, and so more politically challenging, would be to levy a Social Security tax on annual investment income, as opposed to just payroll taxes.

https://money.usnews.com/money/blogs/planning-to-retire/2014/11/14/5-potential-social-security-fixes

Increase Social Security taxes. Workers currently pay 6.2 percent of their earnings into the Social Security system, and employers pay a matching amount. If that tax rate was gradually increased to 7.2 percent over 20 years, it would reduce the Social Security funding shortfall by 52 percent, NASI found. For a worker earning $50,000, this tax increase would result in paying 50 cents more per week during each year the change was phased in. Gradually raising the Social Security payroll tax by 1 percent over 20 years is a popular fix, with 83 percent of the survey respondents supporting this change.
Alternatively, the Social Security payroll tax could be increased more abruptly to 7.2 percent in 2022 and 8.2 percent in 2052. This payroll tax increase would reduce Social Security’s funding gap by 76 percent, and result in a sudden $9.60 per week tax increase for a worker earning $50,000 in each year the tax rate changes. A majority of the survey respondents (66 percent) support increasing Social Security taxes in two steps, but the sudden tax increases are less popular than a gradual change.
Increase or eliminate the tax cap. Workers pay into Social Security based on earnings of up to $117,000. People who earn more than that don’t pay Social Security payroll taxes on that amount or have it factored into their retirement benefit. The cap covers about 83 percent of all earnings. If the tax cap were gradually increased over five years until it covers 90 percent of all earnings (a $230,000 tax cap) it would reduce Social Security’s funding shortfall by 29 percent, NASI found. This change would result in the top 6 percent of earners paying higher taxes and getting bigger payments in retirement.
The tax cap could also be gradually eliminated over 10 years. This change would result in the top 6 percent of earners paying Social Security taxes on all of their earnings, instead of only a portion of them, and getting higher benefit payments in retirement. Eliminating the payroll tax cap would reduce 74 percent of Social Security’s shortfall. This change is supported by most Americans, with 80 percent of survey respondents favoring gradually eliminating the taxable earnings cap, including 76 percent of people with family incomes of over $100,000.
Change the cost-of-living adjustment. Social Security benefits are adjusted each year to keep up with inflation as measured by the consumer price index. However, a different measure of inflation could be used that typically grows more slowly, the chained CPI. For example, if the average inflation rate is 3 percent, but the new inflation measure increases by an average of 2.7 percent annually, that new measure would boost a $1,000 monthly Social Security benefit by $27 instead of $30. And these smaller benefit increases each year would add up over time. Using a slower growing measure of inflation to calculate annual cost-of-living adjustments is projected to reduce Social Security’s funding gap by 20 percent. However, three quarters (76 percent) of survey respondents oppose reducing the cost-of-living adjustment.
Raise the retirement age. Social Security’s full retirement age is 66 for most baby boomers and 67 for everyone born in 1960 and later. Benefit payments are reduced if you sign up for Social Security before your full retirement age. Gradually raising the full retirement age to 68 between 2023 and 2028 would reduce benefits by about 7 percent and decrease Social Security’s financial shortfall by 16 percent. Further increasing the retirement age to 70 between 2023 and 2069 decreases benefit payments by 21 percent and reduces the Social Security financing gap by 25 percent. Raising the retirement age past 67 is an unpopular proposal, with 65 percent of adults opposing an increase to 68 and 75 percent rejecting the idea of a full retirement age of 70, including people of all political affiliations and income levels.
Means-test. Means-testing Social Security would reduce or eliminate retirement payouts for retirees with high incomes. For example, you could reduce Social Security benefits for individuals with non-Social Security retirement income higher than $55,000 for individuals or $110,000 for couples and eliminate benefits for people with incomes higher than $110,000 for individuals and $165,000 for couples. This change would reduce Social Security’s shortfall by about 20 percent. However, means-testing Social Security is typically an unpopular idea, with 60 percent of those surveyed opposing the idea, including 64 percent of Republicans, 60 percent of Democrats and 56 percent of Independents. Under current law, all workers who pay Social Security taxes for enough years receive benefits in retirement.

2. Fixing Medicare is tougher, but it can be done. Lots of options.

7 Ways to Fix Medicare | The Motley Fool

Medicare's Hospital Insurance Trust is expected to exhaust its cash reserves in less than 15 years. A fix is needed, but is a solution among these seven proposals?

www.fool.com

Fix what we’ve got and make Medicare right this year

This month and this year, the impending cuts to Medicare may not be immediately apparent to the consumer.

thehill.com

if they worked we wouldn’t need to do them once again

 

[Red Front]

Both parties are deflecting or dodging the issue.
Both SS & Medicare need to be "fixed" yet I don't see anyone putting forth a Bill to fix them.
SS can be fixed by raising the cap and the ages.
Medicare can be fixed by raising the tax and the co-pay.

So why aren't they working on it? Either party can win votes by doing something and making the other party tap-dance.

They don't need to be "fixed", that's just a ploy to eventually eliminate them.

 

[gipper]

Please point out the part of the Constitution that covers social programs ?

Please point out the part of the Constitution that covers 800 foreign military bases, proxy wars, wars of choice, and a massive domestic and foreign intel operation.

 

[Red Front]

I am a conservative Republican. Social Security is bad. It was only created to give FDR money for his New Deal programs. I am not in favor of ending it. Too many people (including me) are dependent on it. The better answer to retiring people would have been to teach them how to wisely invest their own money so they would not have to depend on the government after they retire.

As if everyone can invest successfully in the wall street casino. We would have millions of unemployable, elderly homeless in this country, sleeping on park benches across America if one's retirement pension relied on one's "wise investing" in the stock market casino.

 

[Red Front]

Please point out the part of the Constitution that covers 800 foreign military bases, proxy wars, wars of choice, and a massive domestic and foreign intel operation.

They never ask "who's going to pay for it" when it comes to funding wars and weapons. They love that shit.

 

[gipper]

Yeah, ”we all want to live in a country” full of desperate thirdworlders and government rieliant beggars like sealybobo
Remember, early settlers built the greatest nation on the planet without free shit and a hand-holding from Father Government….you and sealybobo can make it on your own.

Unfortunately times have changed. I’d love to see big government eliminated, but that shipped sailed long ago.

 

[gipper]

They never ask "who's going to pay for it" when it comes to funding wars and weapons. They love that shit.

Cutting spending only applies to social programs, which hurt poor and MC Americans. Never the massive war department and CIA, which only benefit a select few. You’d think all Americans would be aware of this scam by now.

 

[kyzr]

if they worked we wouldn’t need to do them once again

LIAR. They worked well for 30-years. Now we need to get past the "baby boomers".
If the DC coxuckers didn't steal the surplus with their "unified budget" crap we wouldn't need to fix them again.
We paid for those benefits. We will get those benefits. Just say entitlements won't be fixed and see who gets voted out.

Unified budget - Wikipedia

en.wikipedia.org