
"Americans have got to understand that we are paying present-day retirees with the taxes paid by young workers in America today. And that's a disgrace. It's an absolute disgrace, and it's got to be fixed."
He also supposedly said this: "They pay their taxes and right now their taxes are going to pay the retirement of present-day retirees. That's why it's broken, that's why we can fix it." McCain supposedly said that back in July. Isn't that how Social Secuity is supposed to work?? http://www.perrspectives.com/blog/archives/001268.htm |
That's how it works. i don't know how he plans to fund the program otherwise. |
Oh, yeah, good point! It's a myth that Social Security is some little batch of money the individual has saved up. But I guess John McCain believes that that's what it should be. |
The quotes above are accurate, or reasonably accurate. It seemed that McCain might not understand how social security works. In one of the debates he also said something along the lines of those working today can't expect the same benefits that current retirees are getting. He has all kinds of plans to "reform" the system.
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I think this is something of a given, isn't it? I've seen analyses quantifying the impact of baby boomer retirements on the system and they seemed to suggest that the system as it stands won't be able to provide the same level of benefits without significant increases in payroll taxes. |
Obama will address that by raising the limit for payroll taxes. Now, the limit is $102,000. Obama proposes a "donut hole" between $102,000 and some yet-to-be-defined number. Then, from that number to a new upper limit, the tax will apply again. So, yes, there will be an increase, but it will affect very few people. |
My understanding is even raising the SS income limit will only fix part of the problem. The biggest cause of the "problem" is people living in retirement for much longer times due to retiring at around the same age but livign much longer than before. We need to tackle the retirement age and benefits side of the equation as well. |
It's easy to criticize social security when you're going to get a fantastic retirement package from the Senate and your wife inherited $100M. |
SS should be either done with entirely or the retirement age needs to go waaaaaaaaaaay up. When it was started the average lifespan was around 67 so it was a couple year cusion-now it's become an entitlement program that is going to be funded by the rich if Obama has his way i.e. taxing every 100K you make even though you won't get any more benefit... We are planning to restructure our business so we won't be contributing to ss if this rule goes into effect--sorry Mr. Obama we aren't going to just sit there and take it. |
Lovely. |
Like JFK said, "Ask not what you can do for your country; ask what your country can do for you." Or did I get that backwards????? |
I have done plenty for my country --I am just not a socialist. I think SS is a bad program since it's mission to help for a year or two has turned into a fullscale retirement program. I would be more than happy to op out but I am not allowed to do that which is a bummer. |
I'm getting ss right now, but a full-scale retirement program it ain't, unless you know a way a couple in DC can live on less than 20K per year. But it does help, especially since what used to look like a reasonable nest-egg is looking a bit marginal now. BTW, I was the one who (mis)quoted JFK. I did not mean to impugn your service to the country or your patriotism. But the way JM and SP attack taxes strikes me as pandering to those who put comfort above country. [You don't have to remind me that BO & JB do their own pandering.] PS Don't you like the sound of "Who attacks tax puts comfort over country." |
At least you're consistent in your views. I'm tired of the people who are terrified of socialism but will take whatever government handouts they can get. I wish for you a country where you can avoid supporting government programs. |