What's the answer to saving/fixing Social Security?

[Integrityrespec]

Is anyone opposed to an increase in the FICA tax to support and fix social security. I'd be fine with a percent or two and an increase of 1 year more to take the benefit.
Any other plan that may work?

 

[phoenix2020]

We just need to wait two weeks for Donald’s concept of a plan to be released.

 

[Greenbeard]

Boomers already have the resources.

Boomers are the wealthiest generation that’s ever lived, finds Allianz. Millennials are the ‘biggest losers’ thanks to economic crises

“Even with the same savings behavior, no generation can match the wealth accumulation enjoyed by the baby boomers.”

fortune.com

Recoup it via estate taxes as they die and redistribute it to other Boomers instead of raising taxes on the working generations who by and large are worse off. But of course we won't do that.

 

[ttwtt78640]

A simple ‘fix’, to prevent exhausting the SS ‘trust me’ fund, would be to increase the SS FICA ‘payroll’ tax rate(s) from 6.2% to 7.75%.

Using liberal math, that’s only a 1.55% tax rate increase.

 

[Greenbeard]

A simple ‘fix’, to prevent exhausting the SS ‘trust me’ fund, would be to increase the SS FICA ‘payroll’ tax rate(s) from 6.2% to 7.75%.

Using liberal math, that’s only a 1.55% tax rate increase.

We could also cut current benefits by 23%!

 

[ttwtt78640]

We could also cut current benefits by 23%!

That appears to be the current plan.

 

[noonereal]

Is anyone opposed to an increase in the FICA tax to support and fix social security. I'd be fine with a percent or two and an increase of 1 year more to take the benefit.
Any other plan that may work?

Get rid of the cap! This is the biggest get over in the system.

 

[KingLeo]

For a start remove the cap on who pays into SS.
Estimates say that alone would increase the SS Trust Fund by more than $3.2 trillion over 10 years.

 

[Integrityrespec]

We just need to wait two weeks for Donald’s concept of a plan to be released.

Well, that's constructive. thanks

 

[Integrityrespec]

We could also cut current benefits by 23%!

For many that will be devastating. The need is to fix it. Raise taxes, raise the age to collect, the system has to support itself.

 

[Integrityrespec]

For a start remove the cap on who pays into SS.
Estimates say that alone would increase the SS Trust Fund by more than $3.2 trillion over 10 years.

NO problem with that. The Congress just has to do their job and make the hard decisions nd the hard votes. Fix the system.

 

[Integrityrespec]

What is amazing is that Congress can't figure out they need to act. All talk, no balls.

 

[anatta]

Is anyone opposed to an increase in the FICA tax to support and fix social security. I'd be fine with a percent or two and an increase of 1 year more to take the benefit.
Any other plan that may work?

I want the taxable cap lifted before any rate increases are considered

 

[aociswundumho]

I want the taxable cap lifted before any rate increases are considered

The cap is there for a reason. If you lift the cap, then you lift the benefits, and apparently that's bad for the government, hence the cap. You can change that, but then it becomes just another welfare program. For some reason I don't pretend to understand, people like to think of ss as some sort of "insurance" program, and not welfare.

 

[Threegoofs]

The cap is there for a reason. If you lift the cap, then you lift the benefits, and apparently that's bad for the government, hence the cap. You can change that, but then it becomes just another welfare program. For some reason I don't pretend to understand, people like to think of ss as some sort of "insurance" program, and not welfare.

Well…no.

You lift the cap, but keep benefits the same.

Trust me, this hurts me way more than you. But it’s what makes sense.

 

[Individual]

I'd start by asking the question "Who should our government provide any assistance to?", and once that question has been put to rest we might begin to resolve all social spending issues more rationally.

The word "Who" above is referring to unique individuals, not businesses or groups, etc.

 

[phoenix2020]

Well, that's constructive. thanks

You betcha. And let’s face it, the only plan you’ll agree to is Donald’s, and whatever plan he puts forward you’ll embrace without hesitation. So why bother with the charade of you being interested in a debate?

 

[BirdinHand]

Let it fail

MAGAs don’t care about stripping health insurance and food stamps from families and I don’t care whether they lose their Social security checks.

Grab your bootstraps.

Maybe go work as a greeter at Walmart or something.

 

[BirdinHand]

For many that will be devastating. The need is to fix it. Raise taxes, raise the age to collect, the system has to support itself.

Oh you mean like taking food stamps and health insurance away from families?


That shit is fine by MAGAs, but suddenly you are worried about how devastating it would be to people on Social Security?


Too bad. I hope the system collapses.

 

[OrphanSlug]

Well…no.

You lift the cap, but keep benefits the same.

Trust me, this hurts me way more than you. But it’s what makes sense.

That really is the only answer.

Until the Social Security Fund is back in a condition of increases in intergovernmental debt held more years than otherwise, all we are talking about is a future date when that asset list runs out.

 

[Slartibartfast]

Is anyone opposed to an increase in the FICA tax to support and fix social security. I'd be fine with a percent or two and an increase of 1 year more to take the benefit.
Any other plan that may work?

The truth of the matter is that seniors helped vote in the wrong party to fix this and it's not going to be fixed. They should have been more responsible last November.

 

[BirdinHand]

That really is the only answer.

Until the Social Security Fund is back in a condition of increases in intergovernmental debt held more years than otherwise, all we are talking about is a future date when that asset list runs out.

Then why bother?

The reality is that Boomers screwed the Social Security system - let them face the consequences of that.

They broke it - let them be the ones who have it fail for them.

Instead of this everyone younger than them pay more and have fewer years of retirement - all to support the single most selfish generation ever.

Let it fail.

Note the individuals worrying about Social Security don’t care about slashing food stamps, Medicaid, school funding, etc.

Once again - they’re only worried about themselves

 

[OrphanSlug]

Then why bother?

The reality is that Boomers screwed the Social Security system - let them face the consequences of that.

They broke it - let them be the ones who have it fail for them.

Instead of this everyone younger than them pay more and have fewer years of retirement - all to support the single most selfish generation ever.

Let it fail.

Note the individuals worrying about Social Security don’t care about slashing food stamps, Medicaid, school funding, etc.

Once again - they’re only worried about themselves

Unfortunately, Social Security does not work that way.

There is no divide between generations within the system, just a division of who is paying in against who is receiving benefits out. That ratio is one of many issues Social Security faces. And ultimately the responsibility of fiscal health of Social Security (again, which is just a matter of intergovernmental debt held by trend) is entirely the fault of Congress.

"Let if fail" takes down all of us who have been paying into it up to this point, no generation gets to walk away clean.

The only alternative left is to deal with Social Security as it stands, and the only solution is collecting more as a means to increase what is on the books of that Fund.

 

[BirdinHand]

entirely the fault of Congress

And Congress has been a majority of Boomers since the 90’s.

They didn’t fix it for decades. And they still aren’t really concerned with fixing it.

Frankly, I’ve spent my entire life not counting on ever seeing a penny of Social Security and anticipating the system would collapse before I reach retirement

I really don’t care if it fails anymore. This problem could have and should have been fixed a long time ago. At this point, I’m fine watching it fail. Leopard and faces

Maybe then some folks will wake up and realize the government isn’t and hasn’t been working for them for years now

 

[Helix]

Vote out Republicans.
Raise the contribution ceiling.