Lisa Benson for January 28, 2011

What? No posts about how the Republicans, and the Republicans alone, are responsible for this mess? Curious…

The solution is obvious! Cut it more and divert that money to defense spending. We’re really hurting there!

Hedge fund manager makes $5 billion last year, taxed (if at all) on “capital gains”- max rate 15%. Most folks on Social Security probably paid more INCOME tax than he did, and we wonder if the system isn’t screwed up and skewed to favor rich gamblers?

Actually, the current prediction is that the SS trust fund will be exhausted around 2037. So the baby-boomers will at least get most of their SS.

It’s the Gen-X’ers that will have paid in the greatest amount (percentage-wise) of any generation and receive next to nothing.

dtroutma you against chelsea law ? how about captive charity deductions? or financial co based in Netherlands Antilles that are exempt?

Social security makes Bernie Madoff’s ponzi scheme look like amateur hour. Every president except Jimmy Carter raided Social Security to fund other programs.

Here’s what needs to be done:

1) Give Gen-X’ers and younger the opportunity to either pay SS as normal or invest in select private retirement funds instead. Take an extra 1% from those who select private funds and use it to supplement current Social Security. Require employeers to maintain their present contributions to the system.

2) Raise the ceiling on SS contributions. Currently, deductions stop once the individuals reach about 100K. Raise that to at least 500K.

3) Keep the lock on the lockbox. Make it a felony for any president or congressperson to raid the fund for any other purpose than SS benefits.

4) Give tax credits worth 50% to anyone who choses not to collect Social Security. Or, allow those folks to claim a charitible deduction for the SS money they chose not to take on their itemized income tax returns. This could be done yearly once a citizen turned 65, encouraging them to work longer if they chose and not collect SS.

5) Require US corporations with operations overseas to pay a 10% fee for all overseas workers. For example, if Dell employs 1000 support people in India, they must pay into SS their share of what they would have paid into SS at the equivilent of 100 workers.

6) Tax all executive bonuses (including stock and board bonuses) over $10,000 at a rate of 25% of what Social Security would normally collect. Put this tax directly into the SS lockbox. In compensation, make the Bush Tax cuts permanent.

7) Take 25% of the current capital gains taxes and “earmark” them for the SS and Medicare trust funds. Reduce capital gains by 10% for select investments that are proven to create new private sector US jobs.

8) Enforce immigration policies. Make sure that every US worker is paying into Social Security. Deport anyone who gets paid under the table, and jail the person who hired them.

She looks like she’s had enough anyhow.

You could also raid all the swiss bank accounts and get back the excesses of the rich and ugly.

Or, on the other hand, people could work until they die and support themselves. Worked in the old days.

Nemesys , I never cease to marvel at the knowledge of the experts we find on these sites who are chronically ignored by both parties. Hard to fathom.

Justice, so you would not give SS to dependent children, injured/ill worker, widows, etc???

Nem,,, I have to agree with most of your comment. Make sure that anyone who does not contribute cannot by any means collect SS Benefits.

fluffy needs to post documentation for that totally false charge = “What? No posts about how the Republicans, and the Republicans alone, are responsible for this mess?”

and also ” Every president except Jimmy Carter raided Social Security to fund other programs” stated by Nemesys.

I always saw it reported that ALL ADMINISTRATIONS raided the Social Security retirement “trust fund” and took the revenues not used for payouts to retirees, and left Government IOUs for amounts spent on other federal spending. The “trust fund” was never a “fund” and never a dollar was ever held in “trust”…..it is a con game inside the government….the SSA has paper “credits” and the Treasury has the “IOUs”….and the revenue dollars are LONG GONE.

Jade you are on a roll this week!

Fix it, or give me a full refund.

Ronny & the Dem Congress raised the SS tax & age to cover the coming boomers. Every Pres & Cong since has raided it to cover the deficit.

There has never been a SSN lockbox, those currently working pay those who are currently retired, the excess funds are transferred to the general fund to spend on whatever congress decides to spend it on. Always been that way.

dependents do not DESERVE anything – but one should be allowed to give how one wants to

And yet that will be good money and value compared to what will be left when it comes around to me.

“Time for means testing.”

This is code for taking social security and turning it into a welfare program so it would be much easier for the Cons to take it down and give it to wall street.

It’s the GOP who raided Social Security, which they never wanted anyway. They want people to work until they are 90, then drop dead leaving the factory the day before payday.