2016 Postmortem

nichomachus

(12,754 posts)

2. The only thing you need to know

Mon Nov 12, 2012, 09:29 PM

Nov 2012

Is that the cap on Social Security taxes was set to cover 90 percent of the wages in the country. Now that the one percent has arranged to have more income funneled to them, the taxes cover only 80 percent of the income. All we need to do is raise the cap on Social Security taxes to cover 90 percent of the income and Social Security will be fine for the next 100 years.

The fact of life expectancy is totally irrelevant. The formula is re-examined periodically by actuaries and adjusted to new demographics. Demographics aren't the problem. Income disparity brought about by conservative policies is the problem.

Your concern is appreciated.

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41 replies

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Social Security adds to the debt... [View all] haikugal Nov 2012 OP

I'd raise the retirement age and remove the cap at $106,000. steelmania75 Nov 2012 #1

Don't need to raise the retirement age. nichomachus Nov 2012 #3

Thank You... haikugal Nov 2012 #6

Raising the retirement age would be a bad idea. haikugal Nov 2012 #5

life expectancy is falling for some groups of people. n/t Cobalt Violet Nov 2012 #7

Raising the retirement age is austerity bullshit, it is a cut in benefits. Warren Stupidity Nov 2012 #12

+1 forestpath Nov 2012 #14

That's what I've been thinking as well. haikugal Nov 2012 #15

Maybe life expectancy is increasing. But not by much. LiberalFighter Nov 2012 #21

The other drawback with raising the retirement age shawn703 Nov 2012 #23

Good point! qwlauren35 Nov 2012 #38

Retirement Age Roy Ellefson Nov 2012 #28

The only thing you need to know nichomachus Nov 2012 #2

Thanks haikugal Nov 2012 #9

The income disparity needs to be readjusted so the rich aren't hogging all the income for themselves LiberalFighter Nov 2012 #22

Reneging on a debt ... GeorgeGist Nov 2012 #4

Oh...I'll use this!! haikugal Nov 2012 #11

On paper SS had trust to cover into 2020s-30s Blue4Texas Nov 2012 #8

If the trust fund is a fiction then so are t-bills. Warren Stupidity Nov 2012 #10

I tell them to do that often!! haikugal Nov 2012 #16

show them the reagan clip "SS does not add to the deficit) - its on DU somewhere nt msongs Nov 2012 #13

I saw that earlier but didn't watch...I'll look for it. haikugal Nov 2012 #18

Al Gore's suggestion was a lockbox DeeDeeNY Nov 2012 #17

Damn!! That's great...Thanks! haikugal Nov 2012 #19

Remove cap, apply tax to capital gains, problems solved. 5 minutes if Congress were functional. Scuba Nov 2012 #20

Congress John2 Nov 2012 #24

It doesn't add a penny to the debt, as we know Maplegrass Nov 2012 #25

Bullshit. The initial benefits calculation already benefits those of lower income eridani Nov 2012 #34

Kind of hard when their grasp of english is so poor you can't understand them. - and never a link! AAO Nov 2012 #26

They can be very difficult to understand haikugal Nov 2012 #27

Right! AAO Nov 2012 #30

Drawing money from the Trust Fund decreases the debt Kaleva Nov 2012 #29

But it is likely offset by equivalent borrowing so it is net zero. Warren Stupidity Nov 2012 #35

It isn't quite net zero as the govt. will pay interest on the money it borrows... Kaleva Nov 2012 #36

Anyone remember Al Gore Sophiegirl Nov 2012 #31

From further up in the thread... haikugal Nov 2012 #32

Life expectancy at birth is totally irrelevant. What counts is further life expectancy at age 65. eridani Nov 2012 #33

Life expectency of those who have reached adulthood is relevant. Kaleva Nov 2012 #37

Three or four years is trivial, and 21 is an irrelevant age eridani Nov 2012 #39

But if you start at 60, you are dismissing many of the adults... Kaleva Nov 2012 #40

What makes you think that this isn't happening even now? eridani Nov 2012 #41