Rob PortmanRob Portman said:
Just thought this was an interesting read. Interest and "mandatory" spending will crowd out much of everything else.
Here is the CBO report.
Cue the "I think that that iceberg is going to move" crowd.
Heading Off the Entitlement Meltdown
- Thread starter Tidewater
- Start date
Just thought this was an interesting read. Interest and "mandatory" spending will crowd out much of everything else.
Here is the CBO report.
Cue the "I think that that iceberg is going to move" crowd.
Criminy, how could anyone not know this by now? I did this math twenty five years ago. It's why I'm not counting on SSI for retirement, and why no other Baby Buster (60's child) should either. The payments in will remain (and probably grow), but the payments out will shrink dramatically. The only way to make this less painful (for the lawmakers, that is, it will be painful for the citizenry regardless) is for a strong devaluation of the dollar to occur, such as with high or hyper inflation.
If you've paid your money in to it, it's not an entitlement. A Ponzi perhaps.
Even idiots figured this out years ago.
Even idiots figured this out years ago.
Last edited:
Just have some big Bingo festivals in rural towns across the country and just start nukin'.
Thanks for the thread Tidewater. Here is an older article from the Daily Kos (many stop reading at this point 
). A few of the links in the article no longer work.
http://www.dailykos.com/story/2011/...tting-benefits-or-raising-the-retirement-age#
Since unearned income such as dividends, capital gains, etc. are not at all subject to FICA (unlike actual wages) every dollar the investor class gets in the form of unearned income doesn't have a single penny withheld from it to be put into the Social Security trust fund like wages do.
From Think Progress (by now only 92 and JT are reading) You can link to the Annual report of the SS Trustees.
http://thinkprogress.org/progress-report/the-state-of-social-security-and-medicare/
1. Social Security can continue to pay all promised benefits for the next two decades. As was the case in last year’s report, the Trustees continue to estimate that Social Security will be able to pay all scheduled retirement, disability, and survivorship benefits through 2033.
Yep we want some more of you rich folk's money!!
). A few of the links in the article no longer work.http://www.dailykos.com/story/2011/...tting-benefits-or-raising-the-retirement-age#
Because the earnings of workers in the highest income groups have grown faster than average earnings in recent decades, the share of all earnings from jobs covered by the Social Security program that were below the taxable maximum has fallen from about 91 percent in 1983 to about 83 percent in 2009.
In short, more of the money in the economy has shifted upward, beyond the current maximum amount of earned income which is subject to FICA withholding (currently $106,800 per year).Since unearned income such as dividends, capital gains, etc. are not at all subject to FICA (unlike actual wages) every dollar the investor class gets in the form of unearned income doesn't have a single penny withheld from it to be put into the Social Security trust fund like wages do.
From Think Progress (by now only 92 and JT are reading
) You can link to the Annual report of the SS Trustees.http://thinkprogress.org/progress-report/the-state-of-social-security-and-medicare/
1. Social Security can continue to pay all promised benefits for the next two decades. As was the case in last year’s report, the Trustees continue to estimate that Social Security will be able to pay all scheduled retirement, disability, and survivorship benefits through 2033.
Yep we want some more of you rich folk's money!!
I would favor eliminating the top end cap and taxing it all, I suppose.Thanks for the thread Tidewater. Here is an older article from the Daily Kos (many stop reading at this point
http://www.dailykos.com/story/2011/...tting-benefits-or-raising-the-retirement-age#
Because the earnings of workers in the highest income groups have grown faster than average earnings in recent decades, the share of all earnings from jobs covered by the Social Security program that were below the taxable maximum has fallen from about 91 percent in 1983 to about 83 percent in 2009.In short, more of the money in the economy has shifted upward, beyond the current maximum amount of earned income which is subject to FICA withholding (currently $106,800 per year).
Since unearned income such as dividends, capital gains, etc. are not at all subject to FICA (unlike actual wages) every dollar the investor class gets in the form of unearned income doesn't have a single penny withheld from it to be put into the Social Security trust fund like wages do.
From Think Progress (by now only 92 and JT are reading
http://thinkprogress.org/progress-report/the-state-of-social-security-and-medicare/
1. Social Security can continue to pay all promised benefits for the next two decades. As was the case in last year’s report, the Trustees continue to estimate that Social Security will be able to pay all scheduled retirement, disability, and survivorship benefits through 2033.
Yep we want some more of you rich folk's money!!
Between Karl Rove Prescription Drug benefit, Obamacare's lack of budget neutrality, we are adding additional payments to an already threatened system. Instead of expanding benefits, it is past time to curtail them. I don't see any appetite for rolling back anything. I see statists screaming bloody murder at merely slowing the growth.
Add to this unavoidable nature of interest payments on the debt already contracted, and I see a "troubles and thorns innumerable."
I will be retiring right as it goes bankrupt. So I get to pay max in and get min out. Woohoo!
Do you know how your social security benefit is calculated? If so, then you understand why the tax is calculated the way it is. Calculation of the tax and calculation of your benefit are generally consistent, which admittedly is unusual for a government program.Thanks for the thread Tidewater. Here is an older article from the Daily Kos (many stop reading at this point
http://www.dailykos.com/story/2011/...tting-benefits-or-raising-the-retirement-age#Because the earnings of workers in the highest income groups have grown faster than average earnings in recent decades, the share of all earnings from jobs covered by the Social Security program that were below the taxable maximum has fallen from about 91 percent in 1983 to about 83 percent in 2009.In short, more of the money in the economy has shifted upward, beyond the current maximum amount of earned income which is subject to FICA withholding (currently $106,800 per year).
Since unearned income such as dividends, capital gains, etc. are not at all subject to FICA (unlike actual wages) every dollar the investor class gets in the form of unearned income doesn't have a single penny withheld from it to be put into the Social Security trust fund like wages do.
From Think Progress (by now only 92 and JT are reading
http://thinkprogress.org/progress-report/the-state-of-social-security-and-medicare/
1. Social Security can continue to pay all promised benefits for the next two decades. As was the case in last year’s report, the Trustees continue to estimate that Social Security will be able to pay all scheduled retirement, disability, and survivorship benefits through 2033.
Yep we want some more of you rich folk's money!!
Latest threads
-
SEC West Showdown Sends Alabama to Oxford to Meet with Ole Miss- Started by Diamond Tide
- Replies: 0
-
Davis II Named to Stopper of the Year Midseason Watch List
- Started by Diamond Tide
- Replies: 0
-
Eleven-Run Third Powers Alabama to 14-5 Win over Samford
- Started by Diamond Tide
- Replies: 0
-
Maybe aTm's Pockets Aren't So Bottomless After All -- Layoffs In The Athletic Department
- Started by 4Q Basket Case
- Replies: 9
-
Time to un-vacate 2005-2007 on field victories and un-forfeit the 1993 season?
- Started by CmdrThor
- Replies: 24
-