Social Security Board of Trustees release 2011 report

[deminks]

http://www.dailykos.com/story/2011/05/13/975790/-Social-Security-Board-of-Trustees-release-2011-report?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+dailykos%2Findex+%28Daily+Kos%29

The Social Security Board of Trustees today released its annual report on the financial health of the Social Security Trust Funds. The good news: the program has $69 billion in annual surplus in 2011; the projected trust fund balance for 2011 is $2.7 trillion.

The bad news is that the trustees project that, if no change were made in the intervening years, as of 2036 there will be sufficient non-interest income coming in to pay about 77 percent of scheduled benefits. That's a year sooner than last year's report, reflecting the ongoing high levels of unemployment in this the Wall Street-caused extended economic downturn. Last year, Social Security contributions were down by 1.1 percent of payroll, at least $ 60 billion, reflecting high unemployment. Likewise, the Trustees moved the target date for the Medicare hospital trust fund to be exhausted from 2029 to 2024 because of a weaker economy with less contributions, as well as increasing healthcare costs.

(snip)

One potential revenue source, along with lifting the payroll tax cap, would be a tax on frequent Wall Street trades. Financial speculation put us in this downturn, it should help us out of it. Beyond that, restoring the payroll tax levels, cut in last year's tax deal, and lifting the current ceiling of $106,000 of taxable income for Social Security would help restore the program's long-term solvency. As, of course, would be getting Americans back to work and paying into the system. A concerted job creation effort isn't just critical for getting the nation's economy back on track, but for securing Social Security.

(snip)

"Today’s report confirms what we already know: Social Security will weather the storm once again. Over the last seventy-five years Social Security has survived thirteen recessions and kept its promise to pay earned benefits to our seniors, disabled workers, widows and children on time and in full. This year $69 billion will be added to the trust fund, bringing the balance to $2.7 trillion, and enabling Social Security to pay workers the benefits they have earned for many years to come. You simply can't buy the kind of retirement, disability and life-insurance protection on the private market that Social Security provides.

(end snip)

Where are the jobs, Boner?

[underpants]

1. Raise the cap over $106,800 (even with a "donut hole" and windfall allowance) and raise the max

http://en.wikipedia.org/wiki/Social_Security_Wage_Base

Since Republicans are so fond of donut holes put one in for earnings over the limit now of $106,800 up to say $250,00 and then start taxing again. Hell you could take it up to $400K. Then also raise the max annual contribution from $11,107.20 to oh $30,000 or even higher.

Also allow somehow for a windfall allowance. Look at a three year period just like they do to calculate benefits and if someone happens to have a BIG YEAR one or two years allow for refiling. This is open to loopholes and flat out lying but there is a way to do it.