GOP introduces plan to massively cut Social Security

GOP introduces plan to massively cut Social Security (Full Version)

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Lucylastic -> GOP introduces plan to massively cut Social Security (12/9/2016 8:41:38 PM)
On Thursday, Rep. Sam Johnson, a Republican from Texas and chair of the Ways and Means Committee, introduced legislation to significantly cut Social Security. http://finance.yahoo.com/news/gop-introduces-plan-to-massively-cut-social-security-222200857.html The bill introduced by Johnson, who is also the chair of the Social Security subcommittee, slashes benefits, adds means testing, and would raise the retirement age from 67 to 69. For most workers, the bill would cut Social Security benefits substantially. As Michael Linden, associate director for tax and budget policy at Center for American Progress, pointed out on Twitter, a letter from Social Security’s Office of the Actuary calculated workers making around $50,000 would see checks shrink by between 11% and 35%. Nearly every income bracket would see a reduction, save for the very bottom. People making around $12,280 in 2016 who have worked for 30 years would see an increase of around 20%. But young people making the same amount would be hit hard by the changes. If they had 14 years of work experience by 2016, they would see their benefits cut in half. The plan would also cut entirely cost of living adjustments (COLA) for retirees earning above $85,000. If nothing happens, Social Security will start to lose its ability to pay benefits in full in the 2030s. However, Josh Marshall of Talking Points Memo notes that by 2090 it will still be paying at 74%. Democrats, expectedly, are not pleased with Johnson’s plan, preferring strategies like increasing taxes above the Social Security cap—billionaires pay the same amount as someone making less than $118,000—or raising the Social Security tax itself. There has, however, been a bipartisan effort for a payroll tax to help keep Social Security funded. For now, Congress will deliberate on Johnson’s proposal in 2017.

LadyDemura -> RE: GOP introduces plan to massively cut Social Security (12/9/2016 9:55:02 PM)
Why exactly don't the Democrats ever propose going the opposite way and moving the retirement age to 50 or something reasonable?

servantforuse -> RE: GOP introduces plan to massively cut Social Security (12/9/2016 10:09:14 PM)
Maybe because social security is already going broke. It needs to be fixed.

MrRodgers -> RE: GOP introduces plan to massively cut Social Security (12/9/2016 10:22:28 PM)
Soc. sec is only on the financial radar at all, because congress has spent according to some sources...$3 trillion of it going back to Reagan who pushed for 'reform' [sic] with an overpayment through a large payroll tax hike. Then congress stole it to mask Reagan' ridiculous supply-side, income tax-cuts, mainly for the wealthy causing its ensuing deficits. (supply-side may ass, like we are all supposed buy something just because there is new greater supply) The overpayment and its squander, has been a pretty bipartisan affair. The funding for its shortfall is not now and has never been...bipartisan. Maybe if Trump vetoes it, then they...will impeach him.

accublond -> RE: GOP introduces plan to massively cut Social Security (12/9/2016 10:45:37 PM)
Another GOP lie. (Tell 'em long enough and they somehow become the truth.) Every independent study shows that Social Security is NOT going broke. It is sound for several more decades, even if nothing is done. However... as Bernie Sanders and others have noted for years... if today's regressive "cap" on Social Security taxes (no additional tax due after $118,500 of annual income) were removed, SSI would be solvent forever. A simple and fair fix. And Lady Demura... you may be interested to know that years before President Obama decided to adopt the Massachusetts GOP "Romney Care" health insurance format to get Congressional approval of any kind of an Affordable Care Act, Bernie and others had proposed (and Dems still strongly favor) a five-year "trial" of a lower Medicare eligibility age from 62 to 50. This simple (three-page law) and elegant solution would replace the entire "Obamacare" infrastructure while solving the health insurance and economic security issues of tens of millions of Americans and their families. Once we oust the ignorant, partisan and corporate obstructionists from Congress, we can do all kinds of good things for our country.

bounty44 -> RE: GOP introduces plan to massively cut Social Security (12/10/2016 3:41:23 AM)
great---please post some of those "independent studies?" three or four ought to do.

Musicmystery -> RE: GOP introduces plan to massively cut Social Security (12/10/2016 3:51:11 AM)
Probably W's cutting the SS tax was a bad idea, since it exacerbated the problem. And that's the point--the GOP isn't interested in helping SS; they're intent on killing it, slowly if necessary.

mnottertail -> RE: GOP introduces plan to massively cut Social Security (12/10/2016 5:10:28 AM)
quote: ORIGINAL: servantforuse Maybe because social security is already going broke. It needs to be fixed. Easy, take the 2.7 Trillion owed by the nutsuckers in social security they used to fund wars and political assassinations by seizing their homes, businesses, assets, peddle their daughters, wives, husbands and sons, and them as well on the streets until the money is repaid. There is a 2.7 trillion dollar surplus in social security. And raise the cap.

MrRodgers -> RE: GOP introduces plan to massively cut Social Security (12/10/2016 5:26:17 AM)
quote: ORIGINAL: accublond Another GOP lie. (Tell 'em long enough and they somehow become the truth.) Every independent study shows that Social Security is NOT going broke. It is sound for several more decades, even if nothing is done. However... as Bernie Sanders and others have noted for years... if today's regressive "cap" on Social Security taxes (no additional tax due after $118,500 of annual income) were removed, SSI would be solvent forever. A simple and fair fix. And Lady Demura... you may be interested to know that years before President Obama decided to adopt the Massachusetts GOP "Romney Care" health insurance format to get Congressional approval of any kind of an Affordable Care Act, Bernie and others had proposed (and Dems still strongly favor) a five-year "trial" of a lower Medicare eligibility age from 62 to 50. This simple (three-page law) and elegant solution would replace the entire "Obamacare" infrastructure while solving the health insurance and economic security issues of tens of millions of Americans and their families. Once we oust the ignorant, partisan and corporate obstructionists from Congress, we can do all kinds of good things for our country. According to the following site, the Soc. sec. trust fund started into deficit in 2014 and by 2033, it will be out of money. For soc, sec to remain the staple it is, congress will have to raise over $10 trillion in the next 16 years and that will fund soc.sec. for what's called the 75 year open group unfunded obligation. There are several other ways to quantify Social Security's projected deficits. The measure commonly cited by the Social Administration and the press involves calculating how much money must be immediately added to the Trust Fund so that the principle and interest would cover projected shortfalls for the next 75 years. This is referred to as the "75-year open group unfunded obligation," and it currently amounts to $10.6 trillion. This is equivalent to 12 times the total income for Social Security in 2013 or an additional $64,943 from every person who paid Social Security payroll taxes in 2013 HERE

bounty44 -> RE: GOP introduces plan to massively cut Social Security (12/10/2016 6:01:15 AM)
from the "horse's mouth" so to speak: quote: Under current law, CBO projects, Social Security’s trust funds, considered together, will be exhausted in 2029. In that case, benefits in 2030 would need to be reduced by 29 percent from the scheduled amounts. [oh but its just a GOP lie right comrades? I didn't know the GOP ran the CBO.] https://www.cbo.gov/publication/51047 if you want to see the whole shebang, which is likely incomprehensible to most of us, you can look here: https://www.cbo.gov/sites/default/files/114th-congress-2015-2016/reports/51047-ssupdate-2.pdf

bounty44 -> RE: GOP introduces plan to massively cut Social Security (12/10/2016 6:07:13 AM)
on a more fundamental level, the question really is, to whom does our income belong? ourselves, or the country as a whole? there is something benevolent maybe even noble about the idea that we are all laying up dollars for everyone's retirement but its presence, ideological differences aside for a moment, also discourages/disallows too many people from saving and investing responsibly for themselves. one wonders what our country might look like if when we all started working at age 16, there was no government run social security and the ethos was "be responsible for yourself."

Musicmystery -> RE: GOP introduces plan to massively cut Social Security (12/10/2016 6:24:07 AM)
A simple look at history, what life was like for seniors before social security, will answer your question. We care about other people. Or at least we used to. Some of us still do. When folks get to the pearly gate and say "I'm a Christian," St. Peter is going to laugh and laugh and laugh and laugh.

mnottertail -> RE: GOP introduces plan to massively cut Social Security (12/10/2016 7:18:05 AM)
quote: ORIGINAL: bounty44 on a more fundamental level, the question really is, to whom does our income belong? ourselves, or the country as a whole? there is something benevolent maybe even noble about the idea that we are all laying up dollars for everyone's retirement but its presence, ideological differences aside for a moment, also discourages/disallows too many people from saving and investing responsibly for themselves. one wonders what our country might look like if when we all started working at age 16, there was no government run social security and the ethos was "be responsible for yourself." We are not laying up money for everyones retirement. We are paying it each and every one of us, ourselves. So, we are saving our money and investing responsibly (except we were blindsided by nutsucker robberies of our savings).

sloguy02246 -> RE: GOP introduces plan to massively cut Social Security (12/10/2016 7:23:16 AM)
FR - Originally posted here a while back - http://www.cbpp.org/research/social-security/policy-basics-understanding-the-social-security-trust-funds

mnottertail -> RE: GOP introduces plan to massively cut Social Security (12/10/2016 7:25:06 AM)
https://www.ssa.gov/OACT/TR/2016/tr2016.pdf The trustees projections. Looks like an easy fix, quit buying toys for the militiary they neither need nor want, reduce military spending by about 30%. Reduce corporate welfare to zero%. Raise the minimum wage, remove the cap, and start paying back what the nutsuckers owe social security. Trustees are showing 2033 at present, and the other SS programs earlier. so 2029-2033 seems reasonable, the time to repair the roof is while the sun is shining, The nutsuckers fiscally irresponsible borrow and spend is destroying our country.

MrRodgers -> RE: GOP introduces plan to massively cut Social Security (12/10/2016 8:00:39 AM)
quote: ORIGINAL: bounty44 on a more fundamental level, the question really is, to whom does our income belong? ourselves, or the country as a whole? there is something benevolent maybe even noble about the idea that we are all laying up dollars for everyone's retirement but its presence, ideological differences aside for a moment, also discourages/disallows too many people from saving and investing responsibly for themselves. one wonders what our country might look like if when we all started working at age 16, there was no government run social security and the ethos was "be responsible for yourself." The financial catastrophe of 2008 wiped out the retirement of many. 401K's, Roths and Keoghs etc do not perform even equal to the S & P 500 and serve wall street with fees. The only wary that fictitious world of everybody having saved and invested for retirement without SS and privately would have been with govt. insurance at least equal to TARP or maybe even more.

servantforuse -> RE: GOP introduces plan to massively cut Social Security (12/10/2016 9:46:36 AM)
This is exactly why SS will always be there. It will have to be tweaked, but it will not go away. To the OP, The GOP is not seeking the changes you mention. It is one congressman. One of 435. Stop it with the scare tactics.

Lucylastic -> RE: GOP introduces plan to massively cut Social Security (12/10/2016 10:08:10 AM)
but you dont care. Snot gonna affect you is it...you've got yours, Its been discussed for a long fucking time idiot, and now the the crows come home to roost. Facts dont seem to matter, but Im accused of scaremongering, hahahhahahhahahahahahhahahahahahah wanker

servantforuse -> RE: GOP introduces plan to massively cut Social Security (12/10/2016 10:14:15 AM)
Social Security is NOT going away. You are the one that doesn't get it. You forgot to mention that the GOP will be feeding seniors dog food and Paul Ryan will again push his grand mother over a cliff in her wheel chair.

Lucylastic -> RE: GOP introduces plan to massively cut Social Security (12/10/2016 10:17:32 AM)
going away isnt what I said, stated or implied, you are just doing your usual dumbassery. That was years ago, we arent dealing with years ago, we are dealing with now. Im sorry you dont seem to be able to catch up.

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