Someone's Grandparents Are Ballers

January 15, 2013
By Emma Hadden | 2 comments

Republicans are trying to convince us that Social Security is in dire trouble, we should cut it, blah blah blah. In reality, Social Security doesn't add one penny to the deficit, and going forward, the reforms we need are obvious.

Let's let these awesome seniors explain:

If we "Scrap the Cap" of $110,100 on paying FICA Tax, millionaires would not be unfairly exempt from paying for Social Security, and we would have more than enough money to provide seniors with a high quality of life – and their own places to live – for generations to come.

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Categories: Social Security

Comments

Commenting on this post has been closed.

I am a senior citizen collecting Social Security, but I dare not speak my mind on this site. I disagree with Republican desires to cut SS and I also disagree with Progressives who think SS is not broken. For example, since 2010, SS has, indeed, increased our deficit because it was in 2010 when the payroll tax no longer covered the benefits. Then we just used the interest from the $2.6T trust fund to cover benefits, but the interest paid was by the Treasury and came from the general fund (i.e. we borrowed to pay). Then, in Dec, 2010, we reduced the payroll tax by 2%. That two percent was made up for in the "trust fund" from the general fund, which, again increased the debt and deficit. Before, 2010, SS did not have any effect on the deficit or debt. Since 2010, it has. That is undeniable if you look at the cash flow. As an engineering problem, SS as currently constituted is both unfair and unsustainable. No one on the right or left that I can find will discuss the real issues.

Ed Bradford

"If we Scrap the Cap of $110,100 on paying FICA Tax, millionaires would not be unfairly exempt from paying for Social Security" That is false. If you raise the cap, you raise maximum benefits and there is no known fair way to do that. Also, it would change Social Security to a welfare program. Social Security is unfair in its current form for almost everyone. Adjusting it is a simplistic, mindless vehicle to kicking the can down the road. SS needs a major overhaul which none of our legislators is prepared to do.

Ed Bradford
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