Expanding social security

Thikn2velvet1

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House Democrats Unveil Social Security Expansion Bill With Unprecedented Support | HuffPost

What a terrible idea. There is no huge retirement crisis, and expanding SSI will mean that millennials will ultimately pay more than half of everything they earn to support the well to do elderly. Baby boomers are by far the most financial secure seniors in history.

By its design SSI cannot be redistributionist, it cannot be seen as income transfer. That was how SSI was presented back in the day.

I am a fairly wealthy guy, probably top 3% in both income and 5% wealth, and I am on track to get $4100/ month in SSI when I retire. All my age related cohorts are in great financial shape too. We should not get SSI, but not one Dem has the courage to stand up to us and our voting block and tell us that benefits need to be cut.

Now Dems want to grow SSI. That is, eventually make me richer on the backs of millennials. How nuts is that?
 

Industrialsize

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House Democrats Unveil Social Security Expansion Bill With Unprecedented Support | HuffPost

What a terrible idea. There is no huge retirement crisis, and expanding SSI will mean that millennials will ultimately pay more than half of everything they earn to support the well to do elderly. Baby boomers are by far the most financial secure seniors in history.

By its design SSI cannot be redistributionist, it cannot be seen as income transfer. That was how SSI was presented back in the day.

I am a fairly wealthy guy, probably top 3% in both income and 5% wealth, and I am on track to get $4100/ month in SSI when I retire. All my age related cohorts are in great financial shape too. We should not get SSI, but not one Dem has the courage to stand up to us and our voting block and tell us that benefits need to be cut.

Now Dems want to grow SSI. That is, eventually make me richer on the backs of millennials. How nuts is that?
Reading is fundamental. The funding mechanism for the expansion has nothing to do with millenials and everything to do with those with incomes of $400,000.00 and over:

"To finance the ambitious legislation, Larson would subject earnings of $400,000 or more to the Social Security payroll tax.


Currently, Americans pay Social Security taxes only on the first $132,900 that they earn based on a cap that rises with average wage growth. The new legislation would leave income between $132,900 and $400,000 untaxed. Over time, the present-day cap would rise to $400,000, at which point all earnings would be subject to the tax."
 

Thikn2velvet1

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Reading is fundamental. The funding mechanism for the expansion has nothing to do with millenials and everything to do with those with incomes of $400,000.00 and over:

"To finance the ambitious legislation, Larson would subject earnings of $400,000 or more to the Social Security payroll tax.


Currently, Americans pay Social Security taxes only on the first $132,900 that they earn based on a cap that rises with average wage growth. The new legislation would leave income between $132,900 and $400,000 untaxed. Over time, the present-day cap would rise to $400,000, at which point all earnings would be subject to the tax."

It isn’t indexed to inflation so eventually it will ensnare the middle class. And it still gives more money to well off seniors. Plus there are not nearly enough people that make $400k today to even come close to being able to fund it. This is a stealth attack on the middle class.

But first off, is there a retirement crisis?
 

Industrialsize

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It isn’t indexed to inflation so eventually it will ensnare the middle class. And it still gives more money to well off seniors. Plus there are not nearly enough people that make $400k today to even come close to being able to fund it. This is a stealth attack on the middle class.

But first off, is there a retirement crisis?
Those making $400,000 or over (the top 1%) own 90% of the wealth in the entire country. If anything, this is an open adjustment for the super wealthy, not the middle class.
 
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