Both presidential candidates have been pressed for details on how to control Federal spending. Social Security is one entitlement that politicians are afraid to touch. But ignoring the issue of solvency for the government’s largest entitlement program won’t solve the growing problem of ballooning costs, as more workers retire and fewer Americans cover their benefits. In this CNBC animation, reporter Steve Leisman explains the overall problem facing Social Security. Here is a direct link.
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You touch the Third Rail, you die. Soc Sec/Medicare.
Nope. Don’t go there. Certain Death. Why take the chance? Why risk it?
PROBLEM-REACTION-SOLUTION is the only way to deal with it…let it break first.
There are certain groups of people who preach against SS and how it is going bankrupt, etc. Some of the groups are: wealthy people who don’t think they’ll need SS and don’t want to pay the tax, young people who don’t think they’ll need SS and don’t want to pay the tax (most of them will need it), people who sell investments such as stocks or mutual funds and who want SS privatized or elminated so people have no alternative except to buy their investments (preferrably forced to do so by the government), business owners and lobbyists who don’t want to have to pay their 1/2 of the tax for their employees, etc, etc, etc – you get the picture. These groups are loud, and can convince many people they know what they are talking about, but they don’t.
SS can easily be fixed by raising the payroll tax a few percentage points. And if you eliminate ALL government pensions and force the government maggots onto SS it will instantly become robust and the envy of the world.
It is the only government program for which there are no “unfunded mandates” that the loud groups scream about – that is because it has it’s own tax to fund it – it is fully funded. The military? Not funded. All cabinet departments? Not funded. Social security? Funded by the payroll tax – the tax rate will require adjustments from time to time – as the boomers die off, there will be a huge surplus and the rate can go back down.
Danielle please tell us which anti-SS group the author of the animation belongs to.
There is one alternative to the continuation of Social Security: Corporate pensions for all employees and enforced by government law.
You could have heard a pin drop.