Raising Social Security Benefits

Right now we pay 6.2% FICA on the first 132k of income.

If we raised it to 6.2% of the first 250k, it would fund SS for the forseeable future.

We could even do something like 6% of the first 250k, just 1% of everything above 250k, and probably never have to worry about SS funding again.

 

Oh, heavens no. My SSDI payments are way below average.

 

Wouldn't make that much difference.

 

Push granny off the cliff, then we'll get to work on sick people.

 

Social Security provided a grossly inadequate cost-of-living increase last year, so the upcoming increase should be for at least 2% or 3% more than whatever they're planning on coming out with. In other words, if the increase in 2023 is the anticipated 9.5% that's been suggested, then it SHOULD be 11.5% or 12.5% -- to make up for the screw-job that SS recipients got in 2022!

 

Then I assume you wouldn’t oppose us raising it to 250,000.

 

Yeah but those bonds have started to be cashed in. In 2035 that bond "surplus" amount will be exhausted.

 

Don't assume that. It's been done before, and here we are, looking for something to do again. FICA rates have been bumped several times as well.

 

Pardon my ignorance, but was is SS in America?

Here, it's all forms of Welfare. Sickness benefits, unemployment benefits, carer's benefits, age pension, etc.

 

Yea, clearly we didn't bump them enough.

We shouldn't end Social Security.

We often forget about the problems that we solve.

Ending Social Security or privatizing it would be a disaster. We shouldn't be naive and ignore history. We implemented SS to solve a real problem.

We should pay more if that is what it takes, and we shouldn't bitch about it like spoiled children

 

It's basically the US version of old age pension. You can collect as young as 62 (at a lower amount). It's paid out of employment taxes but like everything else, it's underfunded and won't be able to pay out full benefits by 2035.

 

Thanks Mike. Interesting that it's separate from all the other forms of welfare.

PS: And thanks also for not mentioning my phone's concept of correct word selection!

 

I toyed with a Downfall or Iron Sky reference, but couldn't make it work, so I just played it straight.

 

History shows SS as a massive Ponzi scheme; we convince people it's good to pay because you're get yours some day. But some aren't going to get what they think.

 

Along about 2064 it is now, and that's only if we let billionaires skate as to paying in at all.

The United Plutocracy of America

 

It's not welfare, it's paid into, like an annuity

 

Ponzi scheme. That's cool bro.

 

agree, 99% of Americans pay the tax on every dollar they earn, the 1% can too

 

if we do not raise the tax cap now, so let's raise it already

 

No matter what you call the Social Security system, it's an emphatic reality in the life of nearly everyone who has worked in the United States since the 1930's. It is indisputable law that if you work in this country, you must (MUST) pay FICA taxes -- period! The law is very clear-cut, the conditions are not subject to arbitrary interpretation, and the principle is iron-clad: you MUST pay into the system, and upon completion of your employed, wage-earning career(s), you will earn X-amount of money, based on your income throughout your life.

Thus, this is a contractual relationship between the Government of the United States and the individual worker -- and the Social Security website itself is thoroughly personalized to show each person exactly what his/her status is! If it amuses some to comment blithely that this is a "Ponzi scheme", fine -- that's just 'freedom of speech'. Nevertheless, Social Security is a system which has a ninety year-long relationship with everyone who works for a living in the United States, and anyone who attempts to fu*k with that relationship today is surely going to commit political SUICIDE!








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OK I'm listening. How many years will it add to the program's life?

 

In my opinion, especially given the astonishing rise in wages all up and down the line during the past five years, the 'cap' should be increased to at least $350K. Also, because so many more people live longer, and work longer than ever before, the age at which workers can begin to draw Social Security should be raised to 65 from the current 62.



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I think the SS age should be lowered, not raised

let the younger have those jobs, let the elderly not work until 70

especially as many do not live as long now due to following the government guidelines of eating a high carb diet with seed oils (they now are trying to call these plant oils), they are NOT heart healthy as we were told

fried food is actually fried in seed oils in most businesses now, they made fast food worse

 

FICA rates haven't changed since Reagan did in the 80s. Nearly 40 yrs ago.