Friday, September 22, 2023

Work Until You Drop.


Are you ready to work until your 69?

I think you know what party proposed that. The Republicans always hate Social Security since President Franklin D. Roosevelt signed it into law and tried to scuttle it.
A group of Republican lawmakers aims to balance the federal budget and slash government spending by targeting programs like Social Security — and some seniors could see a major reduction in lifetime benefits if the plan makes it into law.

The proposal was unveiled June 14 by U.S. House conservatives, Bloomberg reported. One of its main features is to raise the full retirement age (FRA) at which seniors are entitled to the full benefits they are due.

The 176-member House Republican Study Committee (RSC) approved a fiscal blueprint that would gradually increase the FRA to 69 years old for seniors who turn 62 in 2033. The current full retirement age is 66 or 67, depending on your birth year. For all Americans born in 1960 or later, the FRA is 67.

As Bloomberg noted, workers expecting an earlier retirement benefit will see lifetime payouts reduced if the full retirement age is raised. Those payouts could be drastically reduced for seniors who claim benefits at age 62, when you are first eligible.
The Republicans ruling class are mostly white collar workers who are desk jockeys, while those who pave the roads on a 100 degree summer day, those who roof houses, those who deliver goods, those who do manual labor are lucky to make it to 65 now will even be less likely to make it to retirement age.
Lawmakers on both sides of the political aisle have been working to come up with a fix for Social Security before the program’s Old Age and Survivors Insurance (OASI) Trust Fund runs out of money. That could happen within the next decade or so. When it does, Social Security will be solely reliant on payroll taxes for funding — and those taxes only cover about 77% of current benefits.
Work until you drop!

That is what the Republicans are counting on, that you will not live long enough to collect.

Do you know what percentage in Social Security tax the CEO of GM paid?
On an income of 29 million dollars paid SS tax on only 9,932! Or 0.0342% while we all pay 6.2%. Why because only the first $160,200 are taxed.
One of the reasons that the UAW is on strike is to bring back the old fashion company pensions, they know that IRAs and 401(k)s just don’t hack it.
While most Democrats want to boost Social Security through higher payroll taxes or reductions to benefits for wealthy Americans, the GOP has largely focused on paring down or privatizing the program.
You see the problem that the Republicans have with SS is that it is government run! They want their billionaire friends to reap in all that money! It is just like what the Republicans did with pensions, Reagan passed the Individual Retirement Accounts because the businesses were complaining that pension plans were costing them too much, while Reagan’s banking friends wanted their cuts to all that money. While IRAs and 401(k)s are good for most middle income people those in the lower income brackets that are just getting by they are horrible! They have just about all they can do to keep food on the table and a roof over their heads let alone saving for retirement.
I also want to point out that the Republicans under Trump's administration cut the top tax brackets for their billionaire friends driving us in trillions of dollars in debt which they are trying to pay off by cutting SS and the social programs.

The New York Times reported that the candidates stand on SS.
Donald J. Trump
Former President
He says he wouldn’t cut the programs but hasn’t explained how he would keep them solvent.

Former President Donald J. Trump has said he would not make any cuts to Social Security or Medicare benefits. However, he has also opposed raising taxes to bring in more funding for them, which means his plans would not keep the programs solvent for the long term. A spokesman for his campaign did not respond to requests for comment.


Ron DeSantis
Governor of Florida
He says he’s open to Social Security cuts for younger Americans.

Gov. Ron DeSantis of Florida has ruled out reducing Social Security benefits for current retirees and people near retirement age, but he has expressed openness to reductions for younger Americans.


Nikki Haley
Former Governor of South Carolina
She says she’s open to cuts for younger Americans.

Nikki Haley, the former governor of South Carolina, has suggested that she would raise the Social Security retirement age for people currently in their 20s in accordance with increases in life expectancy, though she has not given a number. (The retirement age is currently 67 for anyone born in 1960 or later.)


Vivek Ramaswamy
He says he wouldn’t cut the programs but hasn’t explained how he would keep them solvent.

Vivek Ramaswamy has said he would not touch Social Security or Medicare benefits. “In a shrinking economy, we should not cut entitlements,” he said in July. In an interview with Gray DC a few months earlier, he said that he would not have created the programs, but that people now had “a reasonable expectation” of receiving certain benefits and that “you can’t just pull that rug out from under them.”
Um… Mr. Ramaswamy, SS is not an entitlement! I paid all my life in to it, it is an insurance policy! Not a federal giveaway like the Republicans keep saying it is.

The Roll Call website wrote,
House Republicans released a long-delayed budget blueprint Tuesday that promises to bring the federal budget into balance over a decade through steep cuts to discretionary spending, new restrictions on the social safety net and relatively rosy assumptions of consistently strong economic growth.

What do I think about saving SS?

Remove the $160,200 cap and make the billionaires pay the full 6.2% on their full income! And also have a needs assessment on the payments, some one who is making $29 million dollars doesn’t need SS.


1 comment:

  1. One also has to look at a racial disparities in life expectancy based on race. Not all racial groups have the same life expectancy. That is also compounded by looking at the type of employment these racial groups typically engage in. Another factor when looking at the life expectancy of various groups in the individual states there is a wide difference that seems to be related to the availability of health care. Increasing the full retirement age may seem to solve some of the problem of funding the retirement side of Social Security, but what about the Disability side of the trust funds? More workers in industries that require toiling are going to be pushed into the disability side of social security.