This political football should have been fixed a long time ago. Both political parties have been to blame for not fixing Social Security.
Granny: Hi Amber this is your Grandma. Listen, Grandpa and I are flying to our summer villa in Italy for a few weeks, and we would like you to watch our cat and let the pool company in. Amber: Gee, Grandmamama, I just took on a third job to make ends meet . . . Granny: Now Amber, quit whining. Remember, you’re in the Will. And, oh yes, would you please forward our Social Security check, like a good girl?
Amber: Sure Grandmamama, have I ever denied you anything?
SOCIAL SECURITY is going broke. We all must make sacrifices. Work longer, and take a reduction in benefits? Not a chance. Here’s the Sawyer Solution:
1. For anyone with an income over $100,000 per year, you get no check. The over-65 crowd is the wealthiest segment of our society—by far. Take your complaints up with Amber.
2. Is it fair that my Son, who makes $20,000 per year pays 10 times the rate of Social Security Tax (FICA) as someone making a million dollars a year? I would raise the cap (now $96,000) on earnings subject to FICA to $200,000 per year. Then the millionaire would be paying 1/5 the rate my son pays.
3. I would allow wage earners to invest a portion of their Social security tax into a government approved private investment account (like Government workers did for years). If today’s retiree had invested his funds privately instead of with the government all those years, his monthly check would be FOUR TIMES higher.
AMBER SHOULDN’T HAVE TO TAKE THREE JOBS TO PAY GRANNY’S BENEFITS
BUT DURING THE 60'S, 70'S, 80'S, DEMOCRATS, LIKE THAT OLD FART CLAUDE PEPPER (R.I.P.) SCARED SENIORS WITH"THE REPUBLICANS ARE GOING TO TAKE AWAY YOUR SOCIAL SECURITY.
THEN WHEN REPUBLICANS TOOK CONTROL, THEY DIDN'T DARE TO PROPOSE LEGISLATION TO FIX S.S. OUT OF FEAR OF DEMOCRATS' DEMAGOGUING THE ISSUE (YET AGAIN).
PARTY FIRST, CANDIDATE SECOND, YOU AND ME ? Ahahahahahaha hahahahahahah. Yeah right.
March 25, 2010: Update: The New York Times reports today (page 1 above the fold) "Social Security To See Payout Exceed Pay-in."
The article explains that Congress projected that SS would be solvent until at least 2016, so what's the rush to fix it - especially when the Democrats can continue to use it to bash the Republicans (Party first), But, gee, the downturn in the economy moved that date back to . . . .well, today, I guess.
Now, of course, this bumbling Congress has voted to regulate the entire Healthcare System.
If you have your 2009 tax instructions handy, look near the last page and it gives you a graft - I mean graph, of the payouts vs. the income from Social Security for the 2008 Fiscal Year. Payouts exceed income by 7%.
So why, in 2010, is Congress surprised?