And Trump promised to do similar by cutting several taxes. I hope you saved and invested well. 
SS Trump Plan
SS Fairness Act
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21 comments:
So stupid. A plan to keep Social Security solvent forever was created back in 1990, and as of two years ago, the math still worked. Many other benefits, too, but the demagogues refuse to consider any change to avoid the doom loop.
Usually your math is a bit "funny"...Do you have a link to this miraculous solution that creates more benefits with no more taxes?
I can't do that, it is a very elaborate spreadsheet, using all the figures from the SSA regarding mortality, age groups and incomes, status of the trust fund, etc. Feel free to duplicate it yourself, if you can. I'll even give you the starting figures. As I said, the plan worked in 1990, and it's still good. I know, I was surprised, too. Probably easier for you to just believe what you want to believe.
Summary please...
Assume Social Security demographics are correct as to earnings per "cohort" (people in 10-year age groups), death rates, early retirements, current trust fund status, etc. Then calculate the following reform:
-Those 55 and older continue with taxes and benefits unchanged
-those 45-55 move 2% of their pay to private accounts and receive 2/6.2 or 32% less benefit.
-those 35-45 move 4% of their pay to private accounts and receive 4/6.2 or 65% less benefit.
-those under 35 move 6.2% of their pay to private accounts and receive no SS benefits after retirement.
-Private accounts pay the same 3.2% as SS Trust Fund bonds, or could BE Treasury bonds.
-Disability and Survivors benefits are paid from the employer portion, which does not reduce over the life of the reform (~45 years).
-That everyone opts IN to this new system.
The result is: The trust fund never goes to zero, and over the ensuing years pays down the national debt substantially. Retirees retire when they want and without penalty (especially those that die before retiring) and on average receive higher benefits than what are promised (but undeliverable) under the current system.
Well you will need to write to Trump with your idea. :-) Has anyone else proposed something similar? Why or why not?
This was actually proposed by Sen. Rod Grams (R-MN) back in 1990. That's why it is so surprising that the math still works (or did as of three years ago when I checked it). What is NOT surprising is that this simple common-sense solution was never adopted because of democrats and demagoguery. Seems some people prefer to let the Ponzi scheme fall apart.
Oh come now... The GOP is in control now... Why are they not implementing this simple fix?
Because of very loud knee-jerk reactions like yours. Democrats gonna demagogue, it's what they do. It's simple math and common sense. How is
THAT going to get past CONgress, the opposite of PROgress?
Oh come now "Trump has a Mandate" ... hahaha
No more blaming DEMs for the government mess. This is all on MAGA...
So why are they not implementing it? I thought it is win, win, win...
Let's see. This reform was proposed in 1990, and Democrats have held power in DC for at least 22 of those years, and ANY suggestion that SS needs reform, or even acknowledging that it is headed for bankruptcy, as reported by SSA every year, is met with videos of Republicans pushing Granny off a cliff-- total scare tactics. And "MAGA" has been in charge for almost 4 weeks now. One can hope that good sense may eventually prevail, but don't depend on Democrats to "save SS" because they cannot do it.
Once, just once, I wish we could have a discussion where, rather than fixing the blame, we could talk about fixing the problem.
Asked what the down side was to your proposal and you said "none". If that was true someone would be pushing it now. You said no one is pushing it.
So your argument is deeply flawed...
I am pushing it. You should. But I warn you, you will be accused of wanting to kill senior citizens, or worse. Nobody, at least no politician, is willing to even admit that SS is headed for the cliff because of the terrible demagoguery that follows. The downside is that too many people lie about this eminently sensible proposal that will actually save Social Security, and dismiss it without even knowing what it is. Not just blind ignorance, but willful ignorance and knee-jerk, uninformed opposition.
Maybe the question you should ask is why are so many pushing against it?
Why are people not advocating for your solution... My guess is that your numbers and / or assumptions are wrong...
Let me ask you a question: Why are people not advocating for this effective and essential solution, knowing that doing nothing will create a Social Security failure in just a few short years? Your guess is wrong. I've made all the assumptions from the Grams plan, plus all the working figures are from the SSA.
Then get Tom Emmer working on it...
I have tried, but been ignored. Next suggestion? Or do we just sit back and watch the whole Ponzi scheme collapse?
Unfortunately that is all we can do...
One thing "we" have not tried is for YOU to call Tom Emmer, or whomever you choose, and promote this sensible and necessary solution. How about it?
No... :-)
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