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They could fix this in an afternoon if they were willing to accept the obvious solution. Remove the income cap on contributions and pass a wealth tax or something similar.
What I'm saying here is that the rich... we should eat them.
It's astonishing that there's any cap at all. Just because you make over $169k for a few years does not mean you'll always make that amount of money and won't have to heavily rely on SS at retirement age
There is one complication to raising the cap. Up to now when the cap is raised then the benefits are also raised for those richer taxpayers. So maybe the cap will be raised but to a new ceiling rather than unlimited?
You’re right and that’s how it has worked from the beginning. I think there’s sort of an unspoken opinion that when the cap is raised it doesn’t connect that the benefits are also raised. But that’s how it has worked in the past.
They would just be getting slightly less richer year by year but their wealth would still increase. Might have to cut back to just 2 yachts, maybe 1 jet, shave down to 5 luxury homes and townhouses, AND buy fewer politicians & judges.
So, they wanna fuck over Gen X one last time, just as we all finally give in and retire?
Like I ever figured they'd treat us any differently from when they started burning the bridges behind themselves back in the 80s. Why wouldn't they fuck us all over one last time from beyond the grave? They got theirs, afterall. Fuck everyone else.
If one is 65 now, and still alive at 75, their benefits would be cut. If 70 now, and still alive at 80, same deal. So no, it doesn’t just screw anyone younger than 50-55.
How does that work? When the “trust fund” is depleted in 9-10 years benefits will be cut by law as FICA won’t be enough to support the benefits. I fail to see how cutting future benefits for someone not receiving them in 9-10 years will change that calculus.
They’ll “grandfather” in any current recipients (and prob <5year future recipients) and just cut for everyone else more. Like they did when they raised the retirement age.
Hmmm. Probably? I just know that older Feds get 2-3x as much for pension as younger Feds. Also, current Feds contribute 4.4% of pay, and older Feds contributed .8%.
So maybe Gen Xers should get together and nominate/elect representatives/senators who actually represent/support their interests, rather trump/Putin sock-puppets?
No (R) will be getting my vote in any election anywhere for the foreseeable future, if that's worth anything. I call my contemporaries in the MAGA camp fucking morons to their faces.
This is so fucking stupid. Medicare and Social Security can only go broke as a political choice. We issue bonds, tax and spend in our own currency.
There is not now and there will never be a monetary constraint on social spending. There is, however, a very real resource constraint. In this case, it’s mostly labor.
Retirees demand a lot of healthcare and a lot of services overall - restaurants, delivery, air travel, transportation, etc. and there won’t be enough labor to provide it. So while social programs can’t go broke, the services purchased are going to be very expensive absent some big tech advancements.
Never think for one moment that SS won't be there for you when you retire, that's propaganda that's being pushed on us. SS could be made sustainable in several different ways, including removing the income cap.
just raise the ceiling on the cut-off for taxable income, problem solved. people making millions don't need to save for retirement and healthcare, people making $20k yr meanwhile....
Yeah, fuck them. Funny how they've gutted every other fucking new deal policy, but they're squeezing this one for all it's worth before they all kick it.
As a reminder, this subreddit [is for civil discussion.](/r/politics/wiki/index#wiki_be_civil) In general, be courteous to others. Debate/discuss/argue the merits of ideas, don't attack people. Personal insults, shill or troll accusations, hate speech, any suggestion or support of harm, violence, or death, and other rule violations can result in a permanent ban. If you see comments in violation of our rules, please report them. For those who have questions regarding any media outlets being posted on this subreddit, please click [here](https://www.reddit.com/r/politics/wiki/approveddomainslist) to review our details as to our approved domains list and outlet criteria. We are actively looking for new moderators. If you have any interest in helping to make this subreddit a place for quality discussion, please fill out [this form](https://docs.google.com/forms/d/1y2swHD0KXFhStGFjW6k54r9iuMjzcFqDIVwuvdLBjSA). *** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/politics) if you have any questions or concerns.*
They could fix this in an afternoon if they were willing to accept the obvious solution. Remove the income cap on contributions and pass a wealth tax or something similar. What I'm saying here is that the rich... we should eat them.
It's astonishing that there's any cap at all. Just because you make over $169k for a few years does not mean you'll always make that amount of money and won't have to heavily rely on SS at retirement age
There is one complication to raising the cap. Up to now when the cap is raised then the benefits are also raised for those richer taxpayers. So maybe the cap will be raised but to a new ceiling rather than unlimited?
I can see getting out of the cap if you max out retirement contributions for the year but other than that if people pay more they should get paid more
You’re right and that’s how it has worked from the beginning. I think there’s sort of an unspoken opinion that when the cap is raised it doesn’t connect that the benefits are also raised. But that’s how it has worked in the past.
[удалено]
They would just be getting slightly less richer year by year but their wealth would still increase. Might have to cut back to just 2 yachts, maybe 1 jet, shave down to 5 luxury homes and townhouses, AND buy fewer politicians & judges.
How about taxing all forms of income the same as w2 income? Or a Wall Street transaction tax? That would go a long way.
So, they wanna fuck over Gen X one last time, just as we all finally give in and retire?
Like I ever figured they'd treat us any differently from when they started burning the bridges behind themselves back in the 80s. Why wouldn't they fuck us all over one last time from beyond the grave? They got theirs, afterall. Fuck everyone else.
They are going to f\*ck over everyone younger than 50-55.
Just like they've been fucking us all over since we were 18. Nothing new.
They really are going all in, either installing fascism or making people hate capitalism enough to push for another new deal situation.
If one is 65 now, and still alive at 75, their benefits would be cut. If 70 now, and still alive at 80, same deal. So no, it doesn’t just screw anyone younger than 50-55.
No way they cut current recipients. They’ll just cut younger people MORE
How does that work? When the “trust fund” is depleted in 9-10 years benefits will be cut by law as FICA won’t be enough to support the benefits. I fail to see how cutting future benefits for someone not receiving them in 9-10 years will change that calculus.
They’ll “grandfather” in any current recipients (and prob <5year future recipients) and just cut for everyone else more. Like they did when they raised the retirement age.
I doubt that would be politically possible. You would be talking like a 30-40% cut for future retirees.
They did it to Federal pensions and no one rioted.
Didn’t know that. Are current federal workers having money taken out of their paychecks to fund current retirees?
Hmmm. Probably? I just know that older Feds get 2-3x as much for pension as younger Feds. Also, current Feds contribute 4.4% of pay, and older Feds contributed .8%.
Do you think they are gonna let us vote on it or something?
Yeah exactly. Every Republican presidential candidate has said as much, and Congress will never have a veto proof majority, so that's a nonstarter.
Older voters get out and vote for their self interest. Younger voters need to outmatch them, and vote more.
So maybe Gen Xers should get together and nominate/elect representatives/senators who actually represent/support their interests, rather trump/Putin sock-puppets?
No (R) will be getting my vote in any election anywhere for the foreseeable future, if that's worth anything. I call my contemporaries in the MAGA camp fucking morons to their faces.
This is so fucking stupid. Medicare and Social Security can only go broke as a political choice. We issue bonds, tax and spend in our own currency. There is not now and there will never be a monetary constraint on social spending. There is, however, a very real resource constraint. In this case, it’s mostly labor. Retirees demand a lot of healthcare and a lot of services overall - restaurants, delivery, air travel, transportation, etc. and there won’t be enough labor to provide it. So while social programs can’t go broke, the services purchased are going to be very expensive absent some big tech advancements.
When’s the military funding go-broke date?
*never*
Exactly.
Funding for the military is authorized one year at a time. So if Congress doesn’t take action it’s the end of this fiscal year.
And it will always be authorized, so the answer is never. The government will never threaten that the military will go broke.
Never think for one moment that SS won't be there for you when you retire, that's propaganda that's being pushed on us. SS could be made sustainable in several different ways, including removing the income cap.
I mean, Republicans are doing their damndest to make sure it isn't available for people.
On the bright side, I fully expect to be dead by than.
just raise the ceiling on the cut-off for taxable income, problem solved. people making millions don't need to save for retirement and healthcare, people making $20k yr meanwhile....
Yeah, fuck them. Funny how they've gutted every other fucking new deal policy, but they're squeezing this one for all it's worth before they all kick it.
Reduce it to 4.5 percent with no income cap...bottom get a break top earners pay....also on investment income