I’m extremely skeptical out the gate, but what are you talking about exactly? The railroad system?
Fully agreed.
I will never ever EVER see a “solution” to this problem that does not somehow reduce benefits. People are either going to get less money or they are going to have to wait for it. If not both.
Explaining this to people this triggers them into involuntary spasms in which they scream at you while insisting we shouldn’t be bothered with trivialities like basic arithmetic.
It’s insane.
This program is the devil and always has been. A way for a big asshole to break promises to future generations and never be held accountable.
They need to reduce and eventually end the COLA and increase the age for future recipients, there is no other way.
That won’t go over well with the I’ve paid into the goddam thing and I want as much back as I can get" crowd. I’m figuring the argument will go something like “they factored in inflation when they were confiscating my money.”
Everyone will still get their money back but just like before 1975 there will be no COLA.
I dunno..when you get people who will have a seven figure income in retirement bitching when there is any talk of raising the cap, something teslll me they are going to want to get every damn dime back…adjusted for inflation
They don’t need to raise the cap, they need to go back to the basics of the program.
Yes, as well as several other government entities that use a similar system.
My wife is in education and I know numerous educators that retire early with a good retirement.
As a proud member of that crowd, I agree.
1% from the employee, 1% from the employer, and cap of $68,000
Lol…the system would be broke in a month. They could scale back benefits, end the COLA and increase the retirement age for younger workers. The COLA started in1975, ending that would help kick the can down the road further.
I’ve looked into the program. Looks like a social security clone, plus extra benefits.
How is this purported to work on a nationwide scale when they haven’t been able to make a simpler version work?
Minuscule FICA taxes = minuscule benefits.
Math isn’t always fun, but it is not optional.
Exactly, and as far as I can tell, this describes the overwhelming majority of people.
This will never be fixed. It will always be a wreck. It will always be a crisis. It is guaranteed nobody will be happy with whatever terrible compromise ultimately occurs.
That is going back to the “basics”.
I am simply pointing out how much of a failure the program is by stating the original numbers.
How can you say it doesn’t work?
I was thinking more like eliminating the COLA, increasing the age for younger workers, changing some of the benefits added over the years.
These changes have already failed.
I’ve heard increasingly age by just one year will add 10 years to social security’s demise and eliminating the COLA will add even more years.