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Elementary Social Security.

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kentuck Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-11-13 02:26 PM
Original message
Elementary Social Security.
If we were to maintain a workforce of 100 million workers who paid $20 per week in FICA taxes (contributions) out of each paycheck, that would mean $2 billion dollars per week would go into the Social Security Trust Fund. (I am only using this as an example because the numbers are quite a bit higher)

So, if we were paying $2 billion per week, that would equal $104 billion dollars per year into the Social Security Trust Fund. That is a lot of money. It is not going to go broke so long as the workers continue to pay into it. The worst scenario would be that the benefits would have to be cut if it ran into a shortfall. Or it would need to be changed in some small way to meet its needs.

The point being that Social Security is not going broke and cannot go broke so long as workers pay into it. The only way it could go broke is if we stop paying those taxes and say that we are going to pay for it out of the "general fund". The "general fund" is always at the discretion of the politicians in power. They can spend it on whatever they desire. This is the danger in the "payroll tax cut".

Bottom line, Social Security is one of the greatest programs ever created and gives workers and citizens an independence from the capitalists and the conservatives in government that despise the program. We should protect it at all costs.
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Enthusiast Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-11-13 04:23 PM
Response to Original message
1. I'm with you!
Too bad the powers that be do not agree.
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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-11-13 08:11 PM
Response to Original message
2. Hi, Kentuck!
Obama will not do that because he promised not to raise taxes on income under $250K a year--and that seems to be the one promise he will stick to.

However, someone had introduced a bill in 2011--after Republicans got resounding control of the House-- that skipped that level but raised the contribution (insurance premium) of everyone else. Looks like no one wants to pass it, though--which was no doubt obvious when it was introduced. I don't anyone, even the author of the bill, thought Republicans would vote for it. So, the bill was political kabuki, IMO.

We could eliminate the cap. We could also restore to the fund, with interest, all the money that has been leached from it to pay for wars without imposing a war tax, as used to happen. All kinds of political and mathematical possibilities, some of which a precocious fifth grader could suss out--assuming that the fifth grader actually wanted to avoid cuts to OASDI.

It's becoming apparent that no one especially wants to avoid cuts to OASDI, though. After all, why should the disabled, the poor, and the survivors and minor children of deceased workers keep getting what Americans have been paying for since FDR?

If they want that, let them buy private insurance against death and disability and annuities for retirement. It's about time big business aka job creators caught a huge break from government, isn't it? After all, its been almost two years since the health insurance bail out bill.
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Enthusiast Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-12-13 05:10 AM
Response to Reply #2
3. You are bad, No Elephants.
:spank:

I kid. Actually you are right on.
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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-15-13 10:58 AM
Response to Reply #3
4. I wish I were deliberately bad.
Edited on Tue Jan-15-13 11:06 AM by No Elephants
Someone told me the other day to give something my best shot. I wanted to ask, "Have you ever seen me give anything less than my best shot?"

Okay, I could do better with my posts at DU. For example, I could proof and use spellcheck.

But IRL, there is very little that I don't try my best at. Not saying I do well, but I do try my best. Even going to a movie, I am trying to make sure I don't miss a word or a nuance or a theme or whatever.

And, until a few days ago, when I was told to make my best effort, I never gave any of the above a second thought.

I thought this morning how very exhausting it is to always try your best and how tired I am of trying my best.

Would I even be able to, at this point, give something less than my best shot?

I am not sure that I know another way to approach something.

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