Peter Schiff advocates ending Social Security and letting people rely on their accumulated assets:
These should prove to be popular positions in his campaign!
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I assume Mr. Schiff would support property rights for corporations and the rich. Social Security is a promise made, a property right to my generation. In turn I would make that promise to successive generations.
My generation did not create Social Security, it was created by the "Greatest Generation" who actually reaped much more than they sowed from it.
I am in favor of Social Security, yet would be OK if a law were passed that Social Security funds could not be spent on golf. Just as long as my loans could not be used to finance wars and weapon systems. because Connecticut voters count: http://www.CTVotersCount.org
But...we can't just pull the rug out from the folks who are relying on it now or will be very soon.
So, MLN'ers, anyone care to weigh in whether they expect SS to be there for them when they decide to begin collecting and please add your age (ish).
Everyone here,no matter their age,will collect their SS benefits if they are lucky enough to live to the age when they are eligible for a very simple reason.People who collect SS VOTE in HUGE numbers and all politician fear them.
1. Increase taxes
Right now, employees pay a 6.2% Social Security tax on income up to $106,800 (the "income cap"). To generate more revenue, Congress could increase the rate at which income is taxed, raise the income cap, or add a new tax on income above $250,000.
More likely is a modest increase in either the payroll tax rate (from it's current rate of 6.2%) or the income cap (from $106,800). Raising the cap is popular among Social Security reformers but would increase the tax burden on the upper middle class, since more of their income would be subject to the tax. Raising the payroll tax rate would disproportionately affect lower-income workers and should be avoided if possible.
2. Change future benefits
Altering the way benefits are calculated could be a powerful tonic for Social Security's fiscal ailments. "Financing current benefits isn't such a big problem," says Rudolph G. Penner of the Urban Institute. "The problem is financing our promise of ever-increasing benefits."
The system is very generous to high income earners - so some kind of cap wouldn't be terribly burdensome - maybe a few less rounds of golf.
3. Raise the retirement age
The retirement age is already rising gradually-from 65 to 67 by 2027. Proposals are circulating to accelerate the jump to 67 by 2020. Early retirement at a reduced rate is still an option. Requiring people to work or wait a little longer before collecting full Social Security isn't such a horrible idea.
Raising the SS retirement eligibility age is not humane, especially since people like me -- 48 years old -- were laid off last year and have little hope of finding a good paying job. Currently, I have my old job back, thanks to the business group I once supported, but at a reduced rate. The Systems group, which is the programmers group, wants to send my duties to India because they are cheaper, however, they are incompetent and work 10.5 hours ahead of us on the East Coast which makes meetings difficult.
To help reduce unemployment, reduce the SS retirement eligibility age to 55. That could open up more jobs for younger and middled age people.
But now I'm getting way OT...
One last note though... go Bernie Sanders! Threatening a "hold" on Bernanke. I think I may donate to Senator Bernie.
I'm actually coming around to your way of thinking on this.
j/k! I read your post on Audit the Fed. While I believe it makes a lot of sense... I also look at the fact that three anti-bailout votes (Sanders, Feingold, Demint) support the audit.
And yeah... on many issues I don't look at party affiliation. As soon as I hear there's bipartisan support for anything related to Wall Street, I disregard party affiliation.
End pipe dream.
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