Quote:
Originally Posted by CC1
Are You Ready,
I apologize for getting off subject here. For some reason when I posted earlier I got off on Medicare and Medicaid when your thread is about Social Security.
In regards to Social Security the fact of the matter is that when it was instituted (1935) there were 16 people paying in for every 1 person receiving. In 1935 Life expectancy for men was 58 years old and 62 for women!!!
Now the ratio is only about 2 to 1 of paying in vs taking out so obviously things have changed a lot.
This is where I detest the rigid line some conservatives take (read that to mean Tea Party) when it comes to making politicans sign an absolute no new tax pledge.
Social Security is the one program / area where I believe they do need to increase taxes but only by raising the income amount that a person keeps paying into Social Security before they reach the limit and no more is withheld from their earnings. Something has to give and that makes the most sense. For 2012 once a person hits $106,800 in income Social Security stops being withheld. I bet if you raised that to $200,000 or $250,000 you could make Social Security solvent.
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I
am rigid when it comes to
no new taxes regarding FCIA.
No amount of playing with the tax structure, either by % paid or the amount of income taxed, fixes it. The best thing to do to keep it solvent (but still does nothing to fix the big picture) is to raise the retirement age. When there were 16 people paying for every one, the retirement age was in the 70's!! Now you can start collecting at 62.
It needs to be a system where you pay into your own personal account.... an account that if you die
with funds left in it, are immediately dispersed to whoever the account holder wishes. It is
amazing how money is treated, or spend, when it belongs to an individual versus coming from big bro/government/tax payers.
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