The Bush Administration says the only way to "fix" Social Security is thru tax increases and benefits cuts...

Question

Do you agree?

I am mad. I think the "cuts" should come out of the politicians' pockets!!! They'll never have to worry about living on Social Security.

http://news.yahoo.com/s/ap/20070924/ap_on_go_ca_st_pe/bush_social_security

What are your thoughts on this story and on how we can "fix" Social Security?

Answer 1

I agree, Bush should pay for Social Security out of his own pockets.

Answer 2

The simplest way to fix social security is by supplementing it from external taxes, such as capital gains. This makes sense because while the labor pool is decreasing (in the U. S. that is) profits are soaring. And it is axiomatic that American workers are entitled to a piece of the pie. I f jackasses wish to call this "socialism" then they can stuff it.

Social Security recipients are already taking large cuts because of the hypocritical way the cost of living is calculated. Energy costs are not part of core inflation--but that's where the inflation is. Gasoline costs used to be a small part of the household budget but now it equals housing or food. And in case you are hoping oldsters will just sit in a chair and then die--it doesn't work that way. The inactive life leads to astronomical medical costs.

George W. Bush and his few supporters have a lot of nerve reviving the Social Security issue while he is still in office. If there is an emergency then that is a compelling reason why he should have stepped down long ago. If we had a parlimentary system, we could also oust the party in power between elections.

Answer 3

The only way to fix Social Security is to increase the tax. I personally don't have a problem paying it because I'll get it back. To me, it's just one more way to save for the future. As far as the benefit cuts, I don't understand how you can decrease someone's benefits when the benefits have been earned. I also don't agree with decreasing someone's fixed income. There are too many elderly and disabled people that can't afford their prescriptions now, why take money away from them?

Answer 4

Social Security is a self funded program.



It does not use general federal revenue.



Starting in 1967, SS had more revenue than it paid out to beneficiaries.



At that point, all excess SS revenue, was invested in US Treasury Bonds.



That is still what happens today.



Our society is changing, in the 1950's and 1960's, there were 15 people paying into SS for every beneficiary.



Today, there are 7 people paying into SS for every beneficiary.



By 2050, it is estimated that there will be only 3 people paying into SS for every beneficiary.



People are living far longer today, than they did just 50 years ago.



There are generanlly four things that can be done to help the SS program.



1. increase the SS payroll tax

2. decrease benefits

3. increase the retirement age

4. increase the max income level that has to pay SS tax's



In 1980, it was estimated that SS revenue, would be lower than the money paid out to SS beneficiaries, in the mid 1990's.



So they increased the retirement age and the max income level that had to pay SS.



This pushed the date where revenue falls short of payments, back to arounf 2017.



So right now, starting in 2017, the SS program will have to start cashing in the US treasury bonds to keep paying the same benefits it pays now.



By around 2050, all the US Treasury bonds will have been cashed in.



So then, SS revenue, would be less than the money needed to pay existing benefits.



To push that time, into the future.



One of the four things listed above, would have to be implimented.



The earlier they are implimented, the further into the future, it will push the day, that the SS program must start cashing in US treasury bonds.



But there has never been a " SS lock box "



Excess SS revenue has always been invested in US Treasury bonds.



Those bonds make up 41% of the US national debt right now.



About 3.5 trillion dollars worth.

Answer 5

If i were President. I'd pass a law allowing anyone over the age of 55 to still recieve benefits. And anyone under would no longer recieve social security. I'd pay off the ponzi scheme called social secuirty and allow everyone to keep their own damn money.

Answer 6

if congress would stop steeling it--as they always have--then it would be OK--they keep talking and dodging--and never talk about taking money out of the retirement found they have always stole from-they should give a monthly report on where it was spent--and or-better yet where it was invested-and how much of the money on investment's-they always say--it to complicated-NO IT NOT--the average work pays in--they spend it-so there is no-retirement found-and never has been

Answer 7

i got it. lets move the social security dept to iraq. then we can allocate part of the war budget to ss because it would be in danger of al queada takeover. you know the cons would go for it. then we could pretend that it was a terrorist bomb that blew the levees up...wow! new orleans would be rebuilt in few months.



actually, if they mess with ss, and by them i mean bush and his administration, they better move to iraq. this country won't be big enough for them if the baby boomers get upset.

Answer 8

Given that it's basically a Ponzi scheme, there really are no logical alternatives.

Answer 9

Oops, little short of cash for his war games?