Why I think Bipartisan Deficit Commission Can Not Cut Social Security

[FreakinDJ]

Bush and the RATpubliCONs (sounds like the name of a Punk Band) couldn't touch Social Security even with all the supposed "Political Capitol" they thought they had after the 2004 elections.

The DEMs have been proposing "Raising the Cap" on SSI for years now as a means of Fixing Social Security. And if they tried to "Reduce Benefits" or alter these programs in any way they would meet even greater opposition then was used to flounder the "Bush and his Tour America Social Security Privatization Plan".

So NO - I don't think either party can curtail or significantly alter those programs without HUGE Public Outcry and the lingering ramifications of Political Suicide

What the RATpubliCONs have been doing to "Undo Social Security" is absolutely NOTHING.

They want to do absolutely NOTHING and wait until the "Shit Hits the Fan" then scream and cry "Oh we told you so". I feel Obama is addressing that scenario BEFORE it happens. He is going to force the RATpubliCONs into providing a solution before it melts down, and with the American Tax-Payer's extreme opposition to curtailing these programs that only leaves the obvious avenue of "Raising the Cap on SSI" - raising Taxes on folks making in excess of $250 per year, and eliminating Tax incentives for Corporations that are Outsourcing Jobs.

Personally I also feel it appropriate to increase the CAP of SSI taxes every time COLA increases Social Security payments. FDR originally proposed a "Pay As You Go" system and that would place the SSI system back on track for sustained solvency

[cutlassmama]

1. I can envision all the old and disabled people in wheelchairs and on crutches limping

up to the capitol while on TV with protest signs. I don't think it would go over well.

[FreakinDJ]

4. AARP stopped Bush dead in his tracks

when he wanted to "Privatize Social Security"

Funny - I don't see any little old ladies in wheel chairs with protest signs

[Hannah Bell]

2. The cap already IS increased regularly so as to keep covering ~90% of wages.

[FreakinDJ]

5. They stop collecting at 100K

ask me how I know

[Hannah Bell]

6. It's $106.8K. It was $102K in 2008, $97.5K in 2007, $94.2K in 2006, $90K in 2005, etc.

By terms of the original law & 1983 revisions, the SS wage base is set to tax about ~90% of total wages, & periodically adjusted to maintain that coverage.

http://www.ssa.gov/OACT/COLA/cbb.html

[Skink]

3. We could get way more draconian by...

creating a doughnut hole, whereby after 105,000 or wherever it is capped now the next 250,000 of income is exempted but then after that it kicks in again. Snare some of the Wallstreet bonuses.

[Hannah Bell]

7. why, when SS is running a surplus, would you want to give the Feds MORE money to borrow & not repay?

There's already 2.5 trillion owed to the SS trust fund, & it's still collecting surpluses.

If you want to hit Wall Streeters, tax their INCOME, with INCOME TAX, which covers not only WAGE INCOME, but also CAPITAL INCOME, including capital gains.

Then they can pay off the Trust Fund & SS is fine until about 2040, by which time most of the boomers are safely dead.