By Doug Cunningham 11/18/2010
Eric Kingson, Co-Chair of the Strengthen Social Security Campaign, says new polling shows very strong public opposition to cutting Social Security or raising the retirement age. Kingson says the deficit commission proposed cuts in Social Security would slash benefits by 35 percent for young workers just entering the workforce. Kingson says Social Security is a successful program, there’s no need to cut it and the public wants to lift the earnings cap on social security taxes to strengthen social security.
Kingson: “This is a program that's self-financed, that by law cannot run a deficit and is in fact loaning the government $2.6 trillion. The public itself is very clear that scrapping the cap is the solution they see - or at least most favor - to social security. In fact, we could scrap the cap and if we did just that alone we would entirely address the social security shortfall beyond 75 years and we could provide a modest benefit increase."
Pollster Cylinda Lake says public opinion by large majorities is adamant that there be no cuts in Social Security.
Rightardia has pointed out that supply side economics have weakened the middle class and greatly benefited the affluent. This is the heritage of President Reagan and the two Bush presidents. Because the top 20 per of Americans now take in 50 per cent of the income of the country, the Social Security cap of $106,800 in 2010 is inadequate to fund the program.
Because of the cap, the FICA payroll tax that funds Social Security is regressive and has been borne by the middle class since the inception of the program.
The cap has also become a political football between the two parties. it would be best to forgot about donuts and caps, and to tax all income at 100 per cent for Social security as the other part of FICA that pays for Medicare Part A is.
With that being said, the FICA payroll tax which is 6.2 per cent for both employees and employers could be reduced. This would really help small business.
Any kind of cap or donut will be undone by inflation over time, making Social Security a political issue when the cap or donut has to be changed. Social Security should become an apolitical program that both parties support. This can only be done by getting rid of tax formulas that have to be continually revised.
The GOP will propose raising the retirement age which really ignores the revenue issue altogether. At this time one in three Americans becomes disabled before Social Security retirement age. By raising the Social Security retirement age to 64 or 65, more Americans will apply for disability which actually has a higher payout than normal Social Security.
One observer pointed out that reducing the retirement age to 60 would actually save the government money because less Social Security disability claims would be filed.
How many Americans will be able to remain employed until age 64 or 65? Age discrimination laws in the US are very weak, thanks to the GOP and the right wing gang of five in the Supreme Court.
On September 25, 2008, the President signed the Americans with Disabilities Act Amendments Act of 2008 ("ADA Amendments Act" or "Act"). The Act emphasizes that the definition of disability should be construed in favor of broad coverage of individuals to the maximum extent permitted by the terms of the ADA and generally shall not require extensive analysis.
Only 21 per cent of Americans enter retirement age with a pension and many of those are government. This makes Social Security an essential program to seniors who are retiring. Many US corporations follow a 5/50 rule.
Once an employee makes $50,000 a year or reaches 50 years of age, they are a target for a layoff. It is very difficult for an employee at age fifty to find another job. Many end up as part time workers at Wal-Mart or 7/11s if they are lucky.
If Obama wants to reform Social Security, he would have to do it before the 212th GOP Congress comes into session. This was a campaign promise.
Fancy Nancy and Obama need to get the job done with no plodding delusions about bi-partisanship. Otherwise, it will never happen.
Update from the Democratic Undergound:
Associated Press / November 19, 2010 WASHINGTON — Raising the Social Security retirement age would disproportionately hurt poor and minority workers. It would also increase disability claims by older people unable to work, government auditors told Congress.
The projected spike in disability claims could harm Social Security’s finances because disability benefits are typically higher than early retirement payments, the Government Accountability Office concluded.
The report, obtained by the Associated Press ahead of its scheduled release today, provides fodder for those opposed to raising the eligibility age for benefits, as proposed by President Obama’s deficit commission.
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The corproate view of retirement
Kingson: “This is a program that's self-financed, that by law cannot run a deficit and is in fact loaning the government $2.6 trillion. The public itself is very clear that scrapping the cap is the solution they see - or at least most favor - to social security. In fact, we could scrap the cap and if we did just that alone we would entirely address the social security shortfall beyond 75 years and we could provide a modest benefit increase."
Pollster Cylinda Lake says public opinion by large majorities is adamant that there be no cuts in Social Security.
Rightardia has pointed out that supply side economics have weakened the middle class and greatly benefited the affluent. This is the heritage of President Reagan and the two Bush presidents. Because the top 20 per of Americans now take in 50 per cent of the income of the country, the Social Security cap of $106,800 in 2010 is inadequate to fund the program.
Because of the cap, the FICA payroll tax that funds Social Security is regressive and has been borne by the middle class since the inception of the program.
The cap has also become a political football between the two parties. it would be best to forgot about donuts and caps, and to tax all income at 100 per cent for Social security as the other part of FICA that pays for Medicare Part A is.
With that being said, the FICA payroll tax which is 6.2 per cent for both employees and employers could be reduced. This would really help small business.
Any kind of cap or donut will be undone by inflation over time, making Social Security a political issue when the cap or donut has to be changed. Social Security should become an apolitical program that both parties support. This can only be done by getting rid of tax formulas that have to be continually revised.
The GOP will propose raising the retirement age which really ignores the revenue issue altogether. At this time one in three Americans becomes disabled before Social Security retirement age. By raising the Social Security retirement age to 64 or 65, more Americans will apply for disability which actually has a higher payout than normal Social Security.
One observer pointed out that reducing the retirement age to 60 would actually save the government money because less Social Security disability claims would be filed.
How many Americans will be able to remain employed until age 64 or 65? Age discrimination laws in the US are very weak, thanks to the GOP and the right wing gang of five in the Supreme Court.
On September 25, 2008, the President signed the Americans with Disabilities Act Amendments Act of 2008 ("ADA Amendments Act" or "Act"). The Act emphasizes that the definition of disability should be construed in favor of broad coverage of individuals to the maximum extent permitted by the terms of the ADA and generally shall not require extensive analysis.
Only 21 per cent of Americans enter retirement age with a pension and many of those are government. This makes Social Security an essential program to seniors who are retiring. Many US corporations follow a 5/50 rule.
Once an employee makes $50,000 a year or reaches 50 years of age, they are a target for a layoff. It is very difficult for an employee at age fifty to find another job. Many end up as part time workers at Wal-Mart or 7/11s if they are lucky.
If Obama wants to reform Social Security, he would have to do it before the 212th GOP Congress comes into session. This was a campaign promise.
Fancy Nancy and Obama need to get the job done with no plodding delusions about bi-partisanship. Otherwise, it will never happen.
Update from the Democratic Undergound:
Associated Press / November 19, 2010 WASHINGTON — Raising the Social Security retirement age would disproportionately hurt poor and minority workers. It would also increase disability claims by older people unable to work, government auditors told Congress.
The projected spike in disability claims could harm Social Security’s finances because disability benefits are typically higher than early retirement payments, the Government Accountability Office concluded.
The report, obtained by the Associated Press ahead of its scheduled release today, provides fodder for those opposed to raising the eligibility age for benefits, as proposed by President Obama’s deficit commission.
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