Yep. If House/Senate GOPs push it,the GOP POTUS nominee candidates are gonna face questions about their support of/opposition to such “reforms” and they are not gonna be able to do the Romney waltz around the questions.
4 Likes
No, seriously, just raising the FICA cap, let alone eliminating it, would make it solvent for years to come.
I remember years ago (when Dole was still in the Senate), raising the FICA limit made SS 100% good until 2075, and even then, SS would only then need reduce payouts, it wasn’t out of money.
Most people that make wages pay into SS all year. They have no clue that those that make more stop paying in once they hit the cap and that the cap is not that high.
17 Likes
Thank you for repeating the most tired of all lies about SS.
14 Likes
Except it doesn’t seem to be hurting them in any way. They really seem to have some steam now. I keep hearing how the GOP Is a dying regional party, gasping for air, etc… but in November they kicked our ass. I don’t think egging them on is going to result in bringing them down. I used to think that, but I don’t see it happening now.
5 Likes
Start charging FICA tax on “carried interest” and Capital gains, along with removing the cap on earnings. This would allow a lower tax rate, especially for lower and mid income earners and extend the life of the program way into the future.
16 Likes
The Tea-Publicans know that in 2016 they will get walloped so they are rushing to lock in place as many onerous changes as possible, as fast as possible. The “Bums Rush” of legislation if you will.
Don’t read that! Just Sign IT!
7 Likes
What bullshit.
Federal law requires that the SS trust fund money be invested in US Treasury bonds.
T-Bills are the single safest investment on the planet.
Why are you repeating stupid right-wing talking points?
20 Likes
Even simpler metric - when St. Ronnie last raised the limit back in the 80s, congressional pay was about $75,000/year. Now it’s about $175,000/ year. Increase the FICA limit the same % as congressional salaries have increased, which is more than double what they were back in those fabulous days. Or if that’s too much to ask of those who would have to pay more, cut congressional salaries to the 1989s level. Because those salaries, clearly, aren’t sustainable any more than social security.
Privatize? Sure, let’s put all the money in the market. Which some of the more “learned” right wing investors are waiting to collapse again, and the market has learned we the people will be expected to bail out - with no consequences for those who play around - if it tanks. Don’t mention fines as consequences, if it’s our money that they lose, it’s our money they have to pay in fines. Nice little deal with something that should be protected, not bet at the track, where, clearly, all are not winners.
12 Likes
FICA is limited to $118,500 of earnings in 2015. Raising the FICA limit by enough a modest sum will raise nice amounts of cash for the system, providing solvency for many, many years.
9 Likes
Price, whose predecessor Rep. Paul Ryan (R-WI) never put forward major
reform proposals in his otherwise ambitious budgets, offered
means-testing and increasing the eligibility age as possibilities.
Even Ryan knew that there was a limit to how far you could go with peddling the bullsh*t. Now, if GOP leadership (such as it is) decides to go down this road, they’ll guarantee that they NEVER get into the WH again. But, maybe, they realize that and as Khaaannn said, they’re just trying to ram as much through as possible while they can.
7 Likes
They got nothing else…
1 Like
Whenever the subject of means-testing comes up, it makes me a little crazy. Does no one think these things through? Means-testing for Social Security would have the effect of punishing those who lived frugally, and saved for their retirement, and rewarding those who spent every dime they ever made. Great plan.
6 Likes
I’m not saying that overreach will naturally run its course. We have to freak out about this sort of trial balloon early and often. For example, in response to the rule change about transferring funds to the SS disability program, we should be screaming “Republicans Plot to Impoverish Disabled Veterans.”
11 Likes
The GOP had big years in 2010 and 2014. But that doesn’t mean they are surging into permanent power, or that they can’t harm themselves by overreach.
They had those big years for one reason only: not because they have some kind of national popularity or because they aren’t demographically dwindling – but because their base always votes, while the majority that dislike them frequently does not bother.
In 2012, we had much higher turnout, and the GOP was flayed (contrary to media expectations). In 2014, Dem turnout cratered, and the GOP cleaned up. It’s a major challenge going forward: getting our people to the polls. But it’s true nonetheless: if they do enough damage, that will spur turnout. Hopefully, we won’t need to go so far before they are reined in – but they are not a growing or popular party.
4 Likes
If you means-test SS, it becomes a welfare program that can more easily be eliminated.
Raising the eligibility age is unfair to those who work in physically demanding jobs.
Price is a nasty bit of work—a real right-wing shitweasel.
18 Likes
Agreed completely.
1 Like
When generational wealth continues to rise as a greater percentage of national wealth to those at the very top, what’s there for average Americans? Since you mention Chile, what does their wealth distribution look like, and what percentage of different levels of income goes toward their equivalent of social security? Is it as scued up for the rich and down for the poor as it is in the US?
2 Likes
They will propose all kinds of wild shit, comfortable in the knowledge that Obama will veto all of it. If Obama actually signed some of it, they would go absolutely batshit with astonishment as the electorate turned against them.
2 Likes
Well, if you look at the profile, the answer becomes clear: the poster is a stupid right-winger. One of the old trolls back again, I would guess.
Because yes, Treasury Bonds, IOU’s. Same difference. We should have invested the trust fund in something real. Like Bitcoins or Beanie Babies or Inron.
12 Likes
Can TPM please stop using “reform” to mean “attempt to destroy”? Also, there is a really serious ambiguity in the last paragraph wherecould be read (as the republican is trying to imply) that the entire Social Security payout system could be endangered by 2016, where it’s “only” SSDI that is in imminent trouble.
12 Likes