Forum Post: This is the fix for Social Security...
Posted 13 years ago on Oct. 29, 2011, 12:24 a.m. EST by MarkDuwe
(127)
This content is user submitted and not an official statement
You may not be worried about it now, but you will someday. You will see some reports that say the SS trust fund will run out by 2037. That is not the whole truth. It is at this point the system will be putting out more than it is taking in so, if we do nothing social security checks will just get smaller. But, there is a very simple fix for this.
Did you know that there is a cap on how much people pay into the SS system? It is capped at $110,000 a year. which means that people who make a million dollars a year or a hundred million dollars a year don't have to pay anymore into the fund than people making $110,000 a year.
We eliminate this cap and make the rich pay their fare share and Social Security is good through 2075. We will then have some 60 years to fix it beyond that.
Can you define what a 'fair share' is? Wouldn't a 'fair share' be each individual receiving what he put in?
Fair share is if I have to put in 5% of my income, so does everyone who makes more than me, otherwise, I am being exploited.
Kill all the old people
jk
With mostly all the Congressional members being millionaires, they will not vote for it, because it effects their own personal bottom lines. So how could we get it passed, could we hound Obama to do it and override their objections?
Some good background on the trust fund. http://krugman.blogs.nytimes.com/2008/03/28/about-the-social-security-trust-fund/
You failed to mention that there is also a cap on the benefit amount received. As a percentage of income replacement, the SS formula rewards lower income earners over higher income earners.
Sounds good to me. You know, it's not that much. I know some people where their SS check is their only income. They are in their 70's and really don't have any options. Most of them make $450-650 a month. That include rent, utilities, groceries, everything. If we didn't have SS we would certainly have millions of people living in cardboard shacks and begging for food. That's just the way it is.
Thank you! If people want the streets riddled with the homeless, that's fine, but they should NEVER EVER complain about them, ever. Not the way they smell, not even that they pity them. If people don't want to help, they don't have to(obviously), but they should never complain. However, they WILL complain, so, they might as well help to make up for it.
There truly is only so much you can do to help yourself. But it's limitless to help the whole world. Just saying.
I really like this post. If there's a bill in the process of being formed, I'd love to know about it because I would vote for it!
it is suppose to.. it was intended to aid lower income workers not higher income workers.. if you make lots a money you should be ashamed to be depending on SS. true you get it cause you pay in. but its not there to help you live well after you retire. its there to help you live