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#315763 - 09/23/19 03:56 PM Fixing Social Security
NW Ponderer Offline
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Carpal Tunnel

Registered: 09/09/11
Posts: 17398
Social Security has been the greatest social insurance program in the world. I say that, not because it is the best organized or funded, but because it has kept more people out of poverty for longer. It has been in effect for 84 years, so most Americans have no concept of a world without it. But it is in trouble. The current $2.9 Trillion "trust finds" will be depleted by 2035. About its 100th birthday.What the 2019 Trusteesí Report Shows About Social Security (Center Budget Priorities).

How did this happen?
Quote:
the program is also not actuarially sound. A combination of growing life expectancy, slowing population growth, and slowing wage growth have created a situation where the program is scheduled to run out of money in 2035.
Elizabeth Warrenís plan to expand Social Security, explained (Vox). So, the answers to fix it are pretty straightforward: fix the actuarial basis, cut benefits, or boost the tax base.

Since the first one smacks of a Soylent Green solution, let's concentrate on the second two. (Although one proposal, Promoting Economic Growth through Social Security Reform, does address the actuarial side of the equation by encouraging delayed applications.) Cuts have actually already been tried, unsuccessfully. The COLA formula was changed, and benefits have been delayed. Not only is this unpopular, but it hasn't fixed the problem.

There are several plans already out there, including the two I've already referenced. Half the Democratic field have proposals. They should be considered, tweaked, and implemented. Editorial: Donít delay reforms to shore up Social Security (Herald.net).
Quote:
discussion and consideration of the available options should begin now. The Social Security Act should be able to celebrate its centennial in 2035 by providing fully for retired Americans, the disabled and families who have lost their primary breadwinner and by adding to the nationís economic strength.

Like universal healthcare, Social Security can be a fundamental factor to strengthen our economy, rather than being a burden. People need to understand that.
_________________________
A well reasoned argument is like a diamond: impervious to corruption and crystal clear - and infinitely rarer.

Here, as elsewhere, people are outraged at what feels like a rigged game -- an economy that won't respond, a democracy that won't listen, and a financial sector that holds all the cards. - Robert Reich

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#315765 - 09/23/19 05:01 PM Re: Fixing Social Security [Re: NW Ponderer]
chunkstyle Offline
enthusiast

Registered: 10/02/07
Posts: 2356
Elect left wing progressives.

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#315766 - 09/23/19 05:15 PM Re: Fixing Social Security [Re: NW Ponderer]
NW Ponderer Offline
Moderator
Carpal Tunnel

Registered: 09/09/11
Posts: 17398
I don't disagree. I just think that is insufficient.

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#315767 - 09/23/19 05:23 PM Re: Fixing Social Security [Re: NW Ponderer]
chunkstyle Offline
enthusiast

Registered: 10/02/07
Posts: 2356
You havenít been paying attention then:

Sanders efforts

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#315769 - 09/23/19 08:35 PM Re: Fixing Social Security [Re: NW Ponderer]
Senator Hatrack Offline
member

Registered: 08/14/07
Posts: 1655
ROTFMOL
_________________________
The state can never straighten the crooked timber of humanity.
I'm a conservative because I question authority.
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#315770 - 09/23/19 08:40 PM Re: Fixing Social Security [Re: NW Ponderer]
Senator Hatrack Offline
member

Registered: 08/14/07
Posts: 1655
_________________________
The state can never straighten the crooked timber of humanity.
I'm a conservative because I question authority.
Conservative Revolutionary

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#315774 - 09/23/19 09:34 PM Re: Fixing Social Security [Re: Senator Hatrack]
NW Ponderer Offline
Moderator
Carpal Tunnel

Registered: 09/09/11
Posts: 17398
My guess is, it's only a problem if you see that as a problem. So, what's the problem?

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#315779 - 09/24/19 01:10 AM Re: Fixing Social Security [Re: NW Ponderer]
Jeffery J. Haas Offline
It's the Despair Quotient!
Carpal Tunnel

Registered: 08/03/04
Posts: 15728
Loc: Whittier, California
First thing, adjust the income cap. Actuaries make adjustments like to insurance funds all the time.
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#315793 - 09/24/19 03:17 PM Re: Fixing Social Security [Re: NW Ponderer]
NW Ponderer Offline
Moderator
Carpal Tunnel

Registered: 09/09/11
Posts: 17398
Some additional resources for consideration:
Policy Basics: Top Ten Facts about Social Security (CBPP);
Social Securityís Impact on the National Economy (AARP Policy Institute).

I'm a huge believer in Social Security because I've seen it work, personally. I received SS as a surviving child when my father died unexpectedly, and it got our family through my high school years and allowed me to get to and through college. My wife also got SSDI when she became permanently disabled. Those events had a significant impact on our lives, and the availability of SS made all the difference.
_________________________
A well reasoned argument is like a diamond: impervious to corruption and crystal clear - and infinitely rarer.

Here, as elsewhere, people are outraged at what feels like a rigged game -- an economy that won't respond, a democracy that won't listen, and a financial sector that holds all the cards. - Robert Reich

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#315817 - 09/24/19 09:57 PM Re: Fixing Social Security [Re: NW Ponderer]
Ujest Shurly Offline
journeyman

Registered: 10/16/16
Posts: 640
Loc: Sterling Heights, MI, USA
The fix for Social Security and Medicare/Medicaid is simple, but will never happen, and you will know why at the end of the below.

All income/wealth should be subject to Social Security Tax; all income/wealth: income, interest, stocks, bonds, dividends, other investment securities, trust income, estate inheritances, that weird type of earnings of hedge fund managers, all of it. However, what is paid in SSI tax should be exempt from further taxation. What should the tax rate be? I think 6% should be enough, that is half of current SSI tax rate. The only exclusion, SSI/disability income you would receive from Social Security.

Now you know why it will never happen.


Edited by Ujest Shurly (09/24/19 09:58 PM)
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