what about social security

[luckyleftyme2]

It seems since I can remember social security has been the target of the right. In 1953 I was told by my employer (a small Eng. firm with 3 owners actively working) that their was so much money going into the system that young people like me would be forced to retire by the age of 50 in order to keep job openings for those coming into the job market.
Now I see where some guy from the new york times is claiming to little money in the system is going to break the market!
try this idea:
BIA wrote:



The coalition bases its case on the idea that Social Security is actually in fine fiscal shape, since it has amassed a pile of Treasury Bills -- often referred to as i.o.u.'s -- in a dedicated trust fund. This is true enough, except that the only way for the government to actually make good on these i.o.u.'s is to issue mountains of new debt or to take the money from elsewhere in the federal budget, or perhaps impose significant tax increases... So this is sort of like saying that you're rich because your friend has promised to give you 10 million bucks just as soon as he wins the lottery!

But this is total malarkey. In fact, the 75-year projection of Social Security's finances shows that under fairly pessimistic assumptions about economic growth, the shortfall in Social Security's finances is just over half of one percent of GDP. Lift the cap on earnings subject to Social Security taxes, and the problem disappears.

More importantly, get wage growth back to its historic trend of increasing as productivity increases (rather than the top getting the benefit of all the economic gains) and the problem vanishes without changing the tax code. Raise wages, and we could increase Social Security benefits.

I'm all for those making more than me having their weekly deduction extended to 52 weeks like the majority of us. who better can afford this? and what a simple way to solve the problem!
I mean after all the whole American dream is to advance in your job worth until you can be
independent enough to survive! whether you own the company or work for it!
of course those of us who remember "Ross perot" know the real problem was the stupid scam the right pulled in pushing nhapta(look at the tapes and hear GW Bush Comments) and see who really is the reason we lost our industrial base!
THINK ABOUT THE COMMENT FROM JOHN BOEHNER THAT THE TWO WARS AND THE TAX BREAK FOR THE WEALTHY WAS BEFORE HE GOT TO WASHINGTON! THE FACT IS OBAHMA INFORMED HIM THAT YOU WERE HERE AND VOTED FOR BOTH! THE TAX CUTS AND TO GO TO WAR! THE REASON OUR ECONOMY IS IN THE HOPPER!

[rurallib]

1. I believe when O'Neil and the Reagan admin agreed on the extra taxes

they made SS safe only through 2020 or so, based on estimates. The economy far outperformed estimates and the breaking point has moved back a bunch already.

[BeFree]

2. You got that right...

"...
Social Security is actually in fine fiscal shape, since it has amassed a pile of Treasury Bills -- often referred to as i.o.u.'s -- in a dedicated trust fund. This is true enough, except that the only way for the government to actually make good on these i.o.u.'s is to issue mountains of new debt or to take the money from elsewhere in the federal budget,...
"

The fund, if it had never been 'borrowed' would have over 3 trillion dollars in the bank, in cash.

What happened was that the republicans saw all that money sitting there and they spent it.