The sky isn't falling on Social Security
Social Security Administration Commissioner Michael J. Astrue presides over one of the most financially sound areas of the federal government.Full Story
#1 May 14, 2012
This article is filled with dodgy misrepresentation of what is in the Trustees Report.
For full disclosure, you should mention that your solutions will pull tax resources away from deficit control. If we raise payroll taxes, there is a cost. We can raise taxes to control the deficit. You idea is to fix Social Security by breaking everything else. It is irresponsible.
For full disclosure, you should mention that the Trustees have used some very optimistic assumptions. For example, SSA assumes that the insolvency in medicare will not affect Social Security funding. There is an impending insolvency in Disability. As we raise payroll taxes for these other programs - we will not be able to raise money for OAS. It is an absurd assumption.
For full disclosure the Trustees have never suggested that they "know" that the system will last until 2033. In fact, they have said the exact opposite. Even with optimistic assumptions, Social Security might be insolvent as early as 2028.
All of this assumes that the taxpayer will knowing accept failure. Based on US Census Data only 22% of voting aged Americans expect to be unaffected by the crisis in Social Security.
Add your comments below
|Insurance firms seen as savior of pensions||Sep 15||Mike Z||1|
|Man with fraud history arrested for swindling $...||Sep 15||kendi||1|
|Minimize worry, maximize enjoyment with a solid...||Sep 8||Hard with Propert...||1|
|You work hard for your money: Protect it with a...||Sep 5||not that easy||1|
|Halton Hills financial planner minimizes taxes,...||Sep 2||do they know town...||1|
|Education, debt avoidance smooth path to retire... (Jul '07)||Aug 27||GregfromFinanSavvy||4|
|Why even $1M may not be enough for retirement||Aug 27||GregfromFinanSavvy||2|
Find what you want!
Search Retirement Forum Now