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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsSocial Security's looming insolvency sparks alarm in Congress
Speaker Mike Johnson's (R-La.) call for Republicans to act on Social Security reform if they keep control of Congress in 2027 is getting pushback from Senate Republicans who warn it's a bad political message heading into November.
Yet, a trustees' report that the popular retirement program will become insolvent sooner than expected has lit a fire under lawmakers in both parties to call for reforms such as raising the cap on payroll taxes, "means testing" beneficiaries, raising the retirement age, and creating personal accounts to invest in the stock markets.
The Social Security trustees' report warned that beneficiaries would see their monthly checks cut by 22 percent in 2032.
Fiscal conservatives are applauding Johnson's bold talk.
https://www.yahoo.com/news/politics/articles/social-security-looming-insolvency-sparks-100000225.html
Sure, they're applauding. They want more billionaire tax cuts.
yellow dahlia
(6,780 posts)And let's go back to Ronny RayGun - he "stole" the surplus in the trust fund.
paleotn
(22,986 posts)Raising the cap is all that's needed. Something even Reagan and Tip O'Neill agreed on. Go one better. Automatically raise the cap each year. It's a travesty that hasn't been done in 43 years.
The rest is Jebus Johnson and fiscal conservatives being anything but.
MineralMan
(151,919 posts)Couldn't be simpler. Problem solved.
Bettie
(19,968 posts)there would be no SS for us, because it would all go to the boomers.
As I turn 60 this year, still, what? Ten or twelve years away from being able to collect, it rather looks as though it will be legislated out of existence by Republicans before that....and for what? Oh, yeah, a giant payout to people who already have more money than they could spend in 10 lifetimes and whose greed is eclipsed only by their short-sightedness.
But, I bet Johnson will get a small chunk of that pie too...it's all about money with them. Never about people.
Intractable
(2,520 posts)If you think you will live long, it pays to delay taking it.
My Dad died at 66. If that's to be my fate, obviously I'd want to start taking SS at 62.
I just applied online. It was remarkably easy and efficient. I was expecting difficulties because Trump cut some customer services for SS.
bucolic_frolic
(56,209 posts)You got $10? You don't need our $10.
I don't think they should have "personal accounts" to invest in the stock market. Now if SS wanted to place 10% of their funds in a SS sovereign pool to boost earnings, that's a credible path to explore in my mind.
But there are things that need to be answered. YOu can contribute for decades and croak at 64 and collect zilch. Wealthy folks can have all the private assets they can accumulate, many multiple streams of income, and also collect the highest SS payouts. These 2 different scenarios don't seem very "social" to me. THey are not supporting the boat, they are individuals who have very different outcomes.
MichMan
(17,550 posts)Ever since it was created, the more that people contributed, the higher their monthly payment.
So, if someone has a pension, 401k, or IRA, they should have their SS monthly amount cut, because "they don't need it"?
bucolic_frolic
(56,209 posts)Up to 50% of your Social Security benefits can be subject to federal income tax if your "provisional income" (your Adjusted Gross Income + nontaxable interest + half your Social Security benefits) falls between $25,000 and $34,000 for single filers, or $32,000 and $44,000 for joint filers.
Congress made the rules, don't blame me.
MichMan
(17,550 posts)SSJVegeta
(3,370 posts)snot
(11,900 posts)peg it to CPI calculated in the good old-fashioned way (without excluding the costs for basic necessities, without "hedonic adjustments" that only go one way and ignore product crappification, etc.).
Wounded Bear
(64,773 posts)attack the "problem" from both ends.