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Fri Feb 1, 2013, 11:08 PM

It turns out nearly all Americans love Social Security

Don't allow Congress to impose the chained CPI--which is like compound interest only in reverse. Instead of getting richer over time you get poorer.

http://washingtonpolicywatch.org/2013/02/01/it-turns-out-nearly-all-americans-love-social-security/

At a time when people are increasingly worried about retirement – both their own and the retirement of their parents and grandparents – a new poll shows the vast majority of Americans support higher taxes to increase Social Security benefits.

As we (and others) have been saying for years, Social Security’s problem is small and very manageable. If all Americans paid the same Social Security tax rate, the system would be financially sound for generations to come. But this year, Social Security taxes will only be levied on the first $113,700 of earnings – that’s “the cap” – and people earning over it don’t pay in on those earnings. Scrapping the cap would ensure all Americans contribute their fair share to Social Security, and preserve it for future generations.

<snip>

Some find it surprising that so many people are willing to sacrifice a bit more to ensure Social Security will be there for their parents, children, and themselves – but perhaps they shouldn’t. Just 14% of Americans report having enough money to live comfortably in retirement, and barely 2 in 5 private-sector workers between 25 and 64 have a employer-sponsored retirement plan of any sort.

Of course, not ALL Americans love Social Security. Remember that the Business Roundtable, representing 200 of America’s most influential and wealthy CEOs, proposed a plan to raise the retirement age to 70 and cut benefits via the chained CPI.

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Reply It turns out nearly all Americans love Social Security (Original post)
eridani Feb 2013 OP
unblock Feb 2013 #1
woo me with science Feb 2013 #2
Mnemosyne Feb 2013 #3
bigapple1963 Feb 2013 #4
eridani Feb 2013 #5
DogPawsBiscuitsNGrav Feb 2013 #6
woo me with science Feb 2013 #7

Response to eridani (Original post)

Fri Feb 1, 2013, 11:19 PM

1. chained cpi to -- like preserving the flag by removing a stripe and a couple of stars.

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Response to eridani (Original post)

Fri Feb 1, 2013, 11:36 PM

2. K&R

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Response to eridani (Original post)

Sat Feb 2, 2013, 12:09 AM

3. K&R nt

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Response to eridani (Original post)

Sat Feb 2, 2013, 12:21 AM

4. social security

 

has always had a cap. Not sure why this article acts so surprised.

But what's the "fair share" when contributing to social security? Is it fair to remove the cap on social security when benefits are capped? Is it supposed to be a wealth transfer mechanism from the rich to the poor? From the young to the old? From the working to the retirees? If you want to remove the link between contributions and benefits, why not just fund it out of the general fund?


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Response to bigapple1963 (Reply #4)

Sat Feb 2, 2013, 02:08 AM

5. Using the general fund makes it welfare, which will quickly get it destroyed

Benefits need not be capped--just have them go up a lot more slowly at the top end instead of having a cutoff.

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Response to eridani (Original post)

Sat Feb 2, 2013, 02:33 AM

6. This burns my ass. Don't people who make under 113,000 a year work just as hard for their money

 

as people who make over that? We have a Dem in the White house! How is this even on the table!!! Who's representing us?!? This is insanity.

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Response to eridani (Original post)

Sat Feb 2, 2013, 09:19 AM

7. kick

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