Candidates ignoring coming Social Security crisis, critics say

Discussion in 'Money Talk$' started by KenH, Oct 25, 2008.

  1. KenH

    KenH
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    I have been saying for several years that I think the best solution, if we start on this path in the next couple of years, is the Diamond-Orszag Proposal:

    www.centrists.org/pages/2003/12/11_lemieux_wealth.html


    Candidates ignoring coming Social Security crisis, critics say

    By Emily Sherman
    CNN

    WASHINGTON (CNN) -- Experts call it the "forgotten issue," or even the "ignored issue" -- Social Security.

    ...

    Maya MacGuineas, president of the Committee for a Responsible Federal Budget, says it's not an accident that McCain and Obama have skirted the issue.

    "I think both Obama and McCain ended up thinking talking about fixing [Social Security] was a political loser," MacGuineas said. "So they were just happy letting the issue disappear."

    ...

    "In many ways, you actually have to feel very sorry for the person who is going to move into the White House this January," MacGuineas said. "They have a really tough battle ahead of them."

    "They are going to have to come to terms with the fact that they made a lot of promises during a campaign that we're not going to be able to afford to pay...[but] it's critical that we fix these problems sooner rather than later."

    - rest at www.cnn.com/2008/POLITICS/10/23/social.security/index.html
     
  2. LeBuick

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    Immigration is another big issue being skirted.

    They both need the Hispanic vote but the influx of low wage workers are making the rich richer and the poor unemployed.
     
  3. billwald

    billwald
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    The Mexicans are going home to starve among friends instead of with gringos. There is no SS crisis.
     
  4. KenH

    KenH
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    Not at the moment. However, if something isn't done by around 2017 more money will be paid out for Social Security checks than will be received in Social Security taxes. At that point taxes will be have to raised and/or benefits cut and/or more money borrowed by the federal government to cover the shortfall which will be steadily increasing if something isn't done.
     
  5. billwald

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    True, but there are many remedies. As long as SS payments are indexed for inflation, the SS tax should also be indexed.

    Simply dumping the campaign against ciggybutts would solve the problem.

    Besides, there is NO legal connection between the payroll tax and the SS welfare program. Never was.
     
  6. Andy T.

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    It is indexed. The FICA taxable wage base for 2008 is $102,000, compared to $97,500 in 2007, for instance.
     
  7. Andy T.

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    Avg. life expectancy when SS was first implemented was 67. Now it is near 80. The SS retirement age needs to be raised to at least 70, maybe even 75. At some point, liberals will realize that simply raising and raising taxes is like squeezing blood from a turnip.
     
  8. LeBuick

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    You have to add to the equation the increased number of people eligible to work each year as the population grows. If we can get them a job, get them to work, get them paying taxes, SS would work.
     
  9. Andy T.

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    Actually, the worker to retiree ratio is shrinking and will continue to shrink as Boomers entire retirement. It is an unsustainable model. Also consider that we have killed off nearly 50 million people with the 'sacred right' of abortion that Democrats worship. That is 50 million more eventual innovators, workers and taxpayers that have been lost.
     
  10. sag38

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    You have to add to the equation the increased number of people eligible to work each year as the population grows. If we can get them a job, get them to work, get them paying taxes, SS would work.

    As long as Uncle keeps rading the fund and giving IOU's it will never work no matter how much money is poured into the hole.
     
  11. LeBuick

    LeBuick
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    BINGO!!! :thumbs:
     
  12. billwald

    billwald
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    The population is only growing because of the immigration which you all hate.
     
  13. LeBuick

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    I don't mind legal immigration, that's the foundation of this country.

    I don't care for the illegal aliens who get paid under the table so they pay no taxes but will get a check someday. And don't forget the government funded health insurance (Medicaid/Medicare)
     
  14. billwald

    billwald
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    >As long as Uncle keeps rading the fund and giving IOU's

    Exactly what do you propose that Uncle do with the money? Bury paper money in tin cans and borrow an equal amount from the Chinese for current budget needs?
     
  15. Magnetic Poles

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    Except that employers are not as likely to hire someone in their 50s, much less in their 70s. Take away their SS, many will fall into abject poverty with no hope of getting employment.
     
  16. Andy T.

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    Not under the current trends. The current trend in the American workforce is that there is not enough talent/labor here in America*, which is one reason why companies have gone overseas - to tap into the large pool of labor needed to grow their business. Sure, you may not get a plum job at age 65, but the opportunities are there, and if you are willing to work, you will not be living in abject poverty.

    * You can thank the abortion advocates for this. There is a price to be paid when a culture violates God's laws with impunity.
     
  17. gb93433

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    Plenty of money is going into Social Security. The problem is the borrowers who lose money on the money they "borrow" from Social Security.
     
  18. Magnetic Poles

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    I see you are 38. If you happen to be on the job market in say, oh about 15 years, come back and tell me how easy it is to find a job at 53. It isn't impossible, but it is not easy, regardless of experience, education and talent.
     
  19. gb93433

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    At 53, your finances should be in order and your skills level very high. Some people have not advanced any in their skills since they left college.

    Early in my life as a Christian I followed the advice in Proverbs 22:29, "Do you see a man skilled in his work? He will stand before kings; He will not stand before obscure men."

    One who is skilled is high in demand. During tough economic times my business had the most work and made the most money because of my skill level.
     
  20. Magnetic Poles

    Magnetic Poles
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    Well, aren't you fortunate. Not everyone is so much. Preparation and learning is one thing. Still age discrimination is real.
     

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