Justifying Attack on Social Security, House Republican Claims People 'Want to Work Lo

[signalmankenneth]

Justifying Attack on Social Security, House Republican Claims People 'Want to Work Longer

"Republicans want you to work until you die. Shameful," responded the progressive advocacy group Social Security Works.

Republican Rep. Rick Allen of Georgia suggested last week that he would support raising the Social Security retirement age—a policy change that would slash benefits across the board—because people have approached him and said they "actually want to work longer."

Confronted by an advocate in the Capitol Building and asked how the GOP plans to cut Social Security, the congressman responded, "We're not going to cut Social Security."

But seconds later, Allen contradicted himself by expressing support for raising the retirement age, saying the move would "solve every one of these problems"—not specifying what the "problems" are from his perspective.

https://www.commondreams.org/news/social-security-house-republican

 

[Noking]

This is another Scumlican lead balloon

 

[Walt]

We have 30 year old Republicans who have never worked a real day of work in their lives telling real workers they have to work until they die... All to preserve more of our Social Security tax money for billionaires who do not pay Social Security taxes.

Am I missing something here?

 

[evince]

The Republican Party needs to die



This is why they have cheated in elections for decades



USA COURT DOCUMENTED


they are a danger to this nation

 

[Flash]

We have 30 year old Republicans who have never worked a real day of work in their lives telling real workers they have to work until they die... All to preserve more of our Social Security tax money for billionaires who do not pay Social Security taxes.

Am I missing something here?

If billionaires don't pay SS taxes how is it preserving tax money for them?

The original SS law set retirement age at 65. Congress lowering it to 62 resulted in a large drain on benefits since over 70% of recipients retire early. Congress can't just keep increasing benefits and not expect it to affect the soundness of the SS system.

 

[Bigdog]

It was LBJ that destroyed the SS lockbox and comingled our retirement ins. with the general fund.

Employers match the 6.2% so the real rate each of us is paying is 12.4%. Most citizens are unaware of this. In the name of tax transparency, employees should see that 12.4 removed from their paycheck. That employer matching is just a way of hiding the truth.

And what's with capping it at the first $160k of income. Why do Dems like that?

White women get about 15 years of extra SS benefits compared to Black men who die younger. Slavery is alive and well in the Democrat party.

 

[Lionfish]

Justifying Attack on Social Security, House Republican Claims People 'Want to Work Longer

"Republicans want you to work until you die. Shameful," responded the progressive advocacy group Social Security Works.

Republican Rep. Rick Allen of Georgia suggested last week that he would support raising the Social Security retirement age—a policy change that would slash benefits across the board—because people have approached him and said they "actually want to work longer."

Confronted by an advocate in the Capitol Building and asked how the GOP plans to cut Social Security, the congressman responded, "We're not going to cut Social Security."

But seconds later, Allen contradicted himself by expressing support for raising the retirement age, saying the move would "solve every one of these problems"—not specifying what the "problems" are from his perspective.

https://www.commondreams.org/news/social-security-house-republican

Stop swallowing the shit Tom Hartman pumps out.

 

[Walt]

If billionaires don't pay SS taxes how is it preserving tax money for them?

The Social Security surplus is used to reduce capital gains taxes. People who receive capital gains do not have to pay payroll taxes, like Social Security, on them. So taxes from lower and middle classes are used to reduce taxes on the very rich.

The original SS law set retirement age at 65. Congress lowering it to 62 resulted in a large drain on benefits since over 70% of recipients retire early.

You are mostly wrong, but not entirely wrong.

Social Security retirement age is rising, not lowering. It is going from 65 to 67. You can take early retirement before 65 or 67, but your total retirement will be reduced by enough that the government will on average save money on you. You can take late retirement, but your retirement will only slightly increased.

The average retirement age is 64, but there is a long tail, so the majority of people are retiring above 65.

 

[Flash]

The Social Security surplus is used to reduce capital gains taxes. People who receive capital gains do not have to pay payroll taxes, like Social Security, on them. So taxes from lower and middle classes are used to reduce taxes on the very rich.

No, the SS surplus does not reduce capital gains taxes. Capital gains is an income tax that goes into the general fund. The SS surplus is in the SS trust fund and is used to pay for the SS shortfall. The treasuries are redeemed when revenues do not cover benefits.

You are mostly wrong, but not entirely wrong.

Social Security retirement age is rising, not lowering. It is going from 65 to 67. You can take early retirement before 65 or 67, but your total retirement will be reduced by enough that the government will on average save money on you. You can take late retirement, but your retirement will only slightly increased.

The average retirement age is 64, but there is a long tail, so the majority of people are retiring above 65.

The full retirement age is increasing. It is currently 66.4 and will eventually be 67 for those born after 1960. However, the original SS law set retirement at 65. Then, in 1956 Congress created the early retirement age for women at 62 (with decreased benefits) and in 1961 for men. In addition to early retirement, Congress has increased benefits and beneficiaries over the years

The average retirement age for men is 65 and 62 for women. Only about 30% wait until their full retirement age to retire--most retire early.

Previously, you could draw SS when you reached full retirement age even if you were still working; however, there was penalty reducing your benefits. Now, the law allows you to draw full benefits without penalty if you are full retirement age. That has resulted in many workers working longer because they get full salary and full SS benefits.

 

[Walt]

No, the SS surplus does not reduce capital gains taxes. Capital gains is an income tax that goes into the general fund. The SS surplus is in the SS trust fund and is used to pay for the SS shortfall. The treasuries are redeemed when revenues do not cover benefits.

It is not legal for Social Security to redeem the principle of the Social Security trust fund. It can draw interest, but has to reinvest the principle. Besides, as with any loan from one to oneself, it is just an accounting trick, not a real loan. The government is loaning itself money to be able to afford reducing capital gains taxes. Bush promised that half of the budget surplus would go to reducing capital gains, and half would go to paying down the debt. He did that after he started two wars, so that is no excuse. We all know how that worked. All the budget surplus and so much more went to reducing capital gains.

In addition to early retirement, Congress has increased benefits and beneficiaries over the years

Social Security is an entitlement, and in fact is the biggest entitlement. It exists as an obligation without Congress budgeting for it every year, though without Congress it is not funded. It is adjusted for inflation automatically, based on the CPI for clerical workers. With a few exceptions, Congress does not increase the benefits, the system does that for itself.

Previously, you could draw SS when you reached full retirement age even if you were still working; however, there was penalty reducing your benefits. Now, the law allows you to draw full benefits without penalty if you are full retirement age. That has resulted in many workers working longer because they get full salary and full SS benefits.

You are correct here. If you retire under full retirement age, you are penalized for working, but not after full retirement age.

 

[Flash]

It is not legal for Social Security to redeem the principle of the Social Security trust fund. It can draw interest, but has to reinvest the principle. Besides, as with any loan from one to oneself, it is just an accounting trick, not a real loan. The government is loaning itself money to be able to afford reducing capital gains taxes. Bush promised that half of the budget surplus would go to reducing capital gains, and half would go to paying down the debt. He did that after he started two wars, so that is no excuse. We all know how that worked. All the budget surplus and so much more went to reducing capital gains.

I think you misunderstand the SS surplus. When the trustees realized SS revenues would not be enough to cover benefits when the baby boomers retired (2010-2030), Congress increased SS taxes in the 1980s. The SS law required all surplus to go into special treasuries. Those treasuries which draw interest now equal $2.9 trillion.

Since those funds were meant to be used to cover the shortfall between revenues and benefits, those treasuries have to be redeemed to provide the needed funds. That process began in 2021. It is not redeeming the principle in the trust fund because most of the trust fund is pay as you go. The payroll taxes being contributed are used to pay current retirees.

If Congress does not raise the debt limit it can affect SS payments because to redeem treasuries to pay benefits it must borrow money to redeem the treasuries.

Social Security is an entitlement, and in fact is the biggest entitlement. It exists as an obligation without Congress budgeting for it every year, though without Congress it is not funded. It is adjusted for inflation automatically, based on the CPI for clerical workers. With a few exceptions, Congress does not increase the benefits, the system does that for itself.

The CPI was not part of the original SS law. That was a benefit Congress added later. Over the years Congress has added many additional benefits to SS:

Originally, the law applied to
1. Primary worker only (1935)
2. Widowed, non-working spouse (1939)
3. Survivors-widows & orphans (1939)
4. Disability benefits (1956)
5. Early retirement for women at 62 (1956)
6. Early retirement for men at 62 (1956)
7. Cost of living adjustments (COLAs) (1975)
8. Full benefits for those still working who are full retirement age (?)

In addition to these added benefits, SS has also been affected by demographic changes:
1. Fertility rate decline: from 3.8 children in 1950 to under 1.64 today
2. Dependency ratio: 156:1. Ratio of workers to retired; 2:1 by 2030
3. Longer life expectancy: 1940: 63 years; 2020: 77 years
4. Retirement of baby boomers: 2007: 38 million SS beneficiaries; 2030: 72 million

There will be more SS beneficiaries and fewer workers to pay those benefits