Social Security Solution

[loudist]

All the 20 somethings should have at least 5 kids.
For one thing, divorce would be much lower from what I have seen of big families, Mom and Pop are too busy and distracted to play a lot of head games, sure they fight but both are too fearful of the idea to shoulder the kids alone so they come to compromise a lot faster.
Then, when they are at retirement age, there are the numbers below them contributing to the plan.
Kind of a win/win... if they survive raising 5 kids.

 

[medic]

And then they would be able to own an SUV without people telling them that they don't have the right to own an SUV. Heck, maybe the fullsize car, oe even the station wagon will make a comeback.

 

[keith]

quote:

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Originally posted by loudist:
All the 20 somethings should have at least 5 kids.

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That will extend the solvency of Social Security by a couple of years. All Ponzi scams are going to fail. It's a question of when, not if.

Don't worry, the latest proposals have a familiar ring to them (reduce benefits, tax the rich and give to the poor). That all could extend the solvency of the program by a few years, until the next benefit cuts and tax increases are needed.

And so it goes.

 

[Al]

The "simple"solution is for Politicians to stop spending all the money on pork..but that'll never happen

 

[eljefino]

My solution is simple (and most likely horribly off base)...

Roll the tax back a bit... say from 13.2% to around 10-11%.

Every quarter, tabulate how much tax came in and split it among the current retirees/disabled along a formula similar to today... based on how long they worked, etc.

There'd never be any buying/selling of bonds to hide the "regular" deficit. Retirees would have a vested interest in keeping the working people working... and not just "gimme gimme gimme". Citizens would feel they were getting their "fair share" as long as the percentages were locked in and not adjusted for political gain. As a society we would clearly state our position how much retirement means to us.... and how people would have to deal.

It'd take a wicked legal lockdown without loopholes, e.g. a constitutional amendment. N.B. I'm also in favor of the "election weekend" where working people have a better chance of voting.

 

[JohnnyO]

I'm with Al. The train started to run off the tracks in 1967 when the Johnson administration lumped the SS trust fund into the general fund.

Also remember that when SS was created in 1935 or so, people could collect out of the system at a time when the average life expectancy was 65 1/2. Now folks routinely live to 85 or 90.

My take, lower the total rate to about 10% (5% employee, 5% employer from the current 7.65% each) and take off the wage cap on annual contributions. Private accounts too.

 

[Elroy the Unique]

quote:

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Originally posted by JohnnyO:


My take, lower the total rate to about 10% (5% employee, 5% employer from the current 7.65% each) and take off the wage cap on annual contributions. Private accounts too.

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What is the logic behind WAGE CAP now in place?

 

[moribundman]

Just put a high tax on all but basic foods. Use that tax money for SS. As a benefit we'd see a lot less obesity. I know I wouldn't buy a bag of chips if it were $10.

 

[427Z06]

quote:

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Originally posted by moribundman:
Just put a high tax on all but basic foods.

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And get rid of the IRS. Go with a consumption tax. No more loop-holes.

 

[haley10]

quote:

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Originally posted by 427Z06:

quote:

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Originally posted by moribundman:
Just put a high tax on all but basic foods.

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And get rid of the IRS. Go with a consumption tax. No more loop-holes.

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Actually, I think many accountants would agree that the IRS/income tax thing is very inefficient, i.e. too much expense in collecting the tax involved.

That is off topic and should have no bearing on Social Security, however.

It should never have gotten into the general fund and the politicians shouldn't try to keep making it into an all encompassing social program. Fiscal responsibility?

 

[robbobster]

Here's my personal solution:
Let me opt out of Social Security entirely.

I'll take care of my own future, so quit stealing money from my paycheck!

 

[Steve S]

Only pay s.s. to people who have paid into the system.

 

[Brett Miller]

Me too, I'll keep my contribution and expect nothing from the government when I retire. The Wage Cap needs to go also.

 

[rg144]

quote:

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Originally posted by robbobster:
Here's my personal solution:
Let me opt out of Social Security entirely.

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Actually, you are legally allowed to opt out. Do a web search - lots of people do.