The myth that Social Security is going broke is just that - a myth

[ProfessionalLeftist]

created by factions that want it eliminated or privatized NOW. They are using the budget deficit as an excuse to push their agenda. These twits (robber barons) have been trying to destroy every program created by FDR ever since they were implemented.

http://blogs.reuters.com/deep-pocket/2010/10/21/will-social-security-be-there-for-todays-young-workers/

One poll, commissioned earlier this year by the National Committee to Preserve Social Security and Medicare Foundation, found that 69 percent of adults under age 35 agree that Social Security benefits shouldn’t be cut to reduce the federal deficit. The number was higher still among older age groups, but how many issues can you think of these days where 69 percent of Americans agree on anything?

“Social Security will be there, even after the exhaustion date,” says Ron Gebhardtsbauer, head of the actuarial science major at Penn State University and a former spokesman on retirement policy for the American Academy of Actuaries. “Members of Congress will make sure of that, or they will be out of a job.”

Congress may take up the Social Security issue after the November elections, when President Obama’s National Commission on Fiscal Responsibility and Reform reports its findings. Although we’re likely to hear dire warnings that boomer retirements will bankrupt Social Security, the truth is the SSTF has adequate reserves to finance the boomer retirement wave.

The challenge now is making smart — and fair — reforms that assure today’s young workers will receive their promised benefits when retirement rolls around.

Some reform advocates want to boost the full-benefit retirement age and adjust the annual cost-of-living adjustment (COLA) — changes that sound reasonable but would lead to very substantial cuts in lifetime benefits for millions.

A better solution would be to remove the cap on the maximum amount of earnings taxed for Social Security, currently set at $106,800. That change alone, depending upon its implementation, could entirely erase Social Security’s solvency problems.

[rocktivity]

1. And the solution is to raise the salary cap, NOT the retirement age

Eliminate the cap completely, and EVERYONE can pay a lower rate.

:headbang:
rocktivity

[ProfessionalLeftist]

4. 100% agreed with that. n/t

[JCMach1]

2. Exactly, or means test it for other retirement income

Should someone who makes over 100K in other retirement income still draw on what was meant to be a 'safety net'?

[datan]

3. but

if you pay your whole life into SS and don't get anything out of it...is that fair?

[Ineeda]

6. Welcome to DU

No, means testing absolutely isn't fair. And it could be applied to other benefits, such as unemployment benefits, which people also contribute to. Who's to say what needs people have? Who knows if recipients would donate what they receive, but don't need, to charity or to help out a more disadvantaged friend or neighbor or family member? It's none of our business -- if they are entitled to the benefits, they should receive them.

[elocs]

8. Whoever told you that life is "fair". Clearly it is not.

Besides, you are not paying for "you" but the generation ahead of you. Your parents and grandparents and those of others as well.

Social Security is paying it forward and is not based upon "mine, mine, mine". We already have a major political party founded upon the "mine" philosophy.

[Recursion]

7. Do that and it becomes "welfare"

And much easier to cut in the future.

[JCMach1]

11. It was meant to be a 'safety net' in the last years of life... growing life spans have turned it

into a retirement fund...

Consequently, we need to start treating it that was and tax every penny of income.

And how about the corporate share? If they don't have an independent retirement system, maybe they should pay double (excluding small businesses).

[Recursion]

12. That's a great idea

I like that. Just like companies that don't offer health insurance will start paying penalties, we should do the same for companies that don't offer pensions.

[newblewtoo]

13. A lot of people don't realize this is being done already

Follow the link to find out about the GPO. Public pensions will have their social security offset (this includes spouses if I read this right) .

Under federal law, any Social Security benefits you earned will be reduced if you were a federal, state or local government employee who earned a pension on wages that were not covered by Social Security. Reductions also apply to Social Security spousal or survivor benefits that are claimed by government pensioners.

Read more: http://www.kiplinger.com/features/archives/krr-public-pension-and-full-social-security-benefits-no-way.html#ixzz131arCIIv

Become a Fan of Kiplinger's on Facebook.

[ejpoeta]

5. i think the only solvency problem has to do with people stealing it...all

those ious

[laughingliberal]

9. K & R nt

[LiberalAndProud]

10. Social Security is broke because there Reagan and his successors have raided the coffers.

The money is spent. On paper Social Security is well funded. In fact, the money is gone. Gore would have installed a lock box. SCOTUS saw to it that that idea, among many other really good ideas were never implemented.

We have been screwn, and unfortunately, I don't think Obama has any passion to reverse this trend.

[flamingdem]

14. Yahoo news did fear mongering on this today my guess is push young people to vote Repuke nt