1. Social Security isn't broke. In fact it currently has a $.7 trillion surplus and is solvent through 2037.
2. Social Security doesn't increase the deficit.
3. The best way to ensure the long-term health of Social Security is through good-paying jobs and a stronger economy.
4. If you truly are concerned about Social Security running out of money in the future, the $4 trillion projected long-term shortfall is conveniently the same amount of money which would be generated over ten years by letting the Bush tax cuts expire on the top 2% of Americans. (Oh, and BTW, those tax cuts to the very rich--they don't stimulate the economy for squat.)
5. If you want to shore up Social Security over the long-run eliminate the cap. Why should a worker making $105,000 a year pay exactly the same number of dollars into SS as a CEO taking home $50 million?
YES!!! I have been screaming about #5 for a decade. But no one listens.
ReplyDeleteNPR did a program several months ago and an economist on there said that the first $20,000 in income should NOT pay social security. I am ok with that also. Talk about stimulating the economy! Everyone gets a raise, me, you, the CEO.
And then let that CEO pay social security on the REST of his money. I had someone tell me the other day that he shouldn't have to pay, because he won't get anything back. HIS RETIREMENT WILL BE TOO HIGH.
I said, "Wow, it sucks to be you." And walked away.
He is actually not a bad guy. Pretty conservative, but not a nut case about it. (Believes that the Bible is true, but there may be some wiggle in the 6000 year old Earth!)
ReplyDeleteBut yes, if he loses everything then he would appreciate it. Government retirement? I doubt it will happen.