This is just another example of kicking the can down the road.
I like the opening paragraph focusing on a lower lifetime benefit amount, as if that is a surprise.
Raising the FRA and reducing early benefits would have to be done at least 7-8 years down the road because to do it sooner could impair someone’s retirement planning, or so they say. But this would push the time back even further. The RSC numbers cited for spending and tax savings appear to be something calculated on the back of a napkin after the third bourbon. I am waiting for some firmer numbers and a sound explanation of how they calculated.
The only paragraph that actually makes any sense is this one.
“While most Democrats want to boost Social Security through higher payroll taxes or reductions to benefits for wealthy Americans, the GOP has largely focused on paring down or privatizing the program.”
And only the part in bold.
My only question is if more money was thrown it. What would happen to the stock market? I’d be sitting on a lot of money had my se been out into the s&p 500
If the money that is being pissed away in the SS “trust fund” were invested in the economy, our GDP would be increased astronomically.
Democrats wanting to punish the rich and redistribute wealth…what a shocker.
They can increase the contribution, lower COLA increases and over time increase the retirement age. People will need to take more responsibility for their own retirement. Social security was never meant to be a retirement plan but a way to keep old people who planned poorly from dying in the streets
Very true. Congress has taken the excess payments over the years, spent them and issued debt to S/S. As this debt gets cashed out over the next decade, more money will have to be borrowed to redeem it. This chart shows the interest rates being paid.
This chart shows the average S&P 500 returns for the last 50 years.
Current special debt to S/S is about $2.8 trillion. Had it been invested instead of mishandled, I wonder what it might have been and I suspect the fund would be funded for every person currently alive.