FROM 2012 INTO 2013 POLITICS THREAD

Re: THE 2012 POLITICS THREAD

Actually, over a certain income level, you HAVEN'T paid enough into the system. The max the Social Security tax is calculated on is about $110,000 a year.

http://ssa-custhelp.ssa.gov/app/answers/detail/a_id/240/~/2012-social-security-tax-rate-and-maximum-taxable-earnings

 

Re: THE 2012 POLITICS THREAD

Obama's popularity at a three-year high.

http://www.washingtonpost.com/blogs/the-fix/wp/2013/01/30/president-obamas-popularity-surges-to-three-year-high/

 

Re: THE 2012 POLITICS THREAD

Which makes it a regressive tax.

 

Re: THE 2012 POLITICS THREAD

Methinks the harsh reality was the intransigence of those on the left w.r.t. anything having to do with privatization. President Bush's musings -- which had to do with younger contributors having a choice about what to do with a portion of their payroll taxes -- deserved a better hearing than they got.

 

Re: THE 2012 POLITICS THREAD

Agree with raising the age as the best solution, but it's going to have to be raised higher than most folks think. 68 or 70 won't do it.

Life expectancies being what they are, it would have to be lifted nearer 80 to match the original intention of the program.

 

Re: THE 2012 POLITICS THREAD

Then let's have that hearing. Happy to do it.

During which you can explain how the value of hundreds of thousands of private Social Security set-asides wouldn't have been swept away by the last Wall Street Ponzi scheme, and won't be put to the torch by the next one.

 

Re: THE 2012 POLITICS THREAD

Here's the thing about those S.S. proposals that are most frequently floated -- means testing and lifting the cap on the income that's subject to it hit the same people. Having the same people pay more in taxes for fewer benefits is only a balanced approach if you're not one of those people.

 

Re: THE 2012 POLITICS THREAD




If your personal wealth exceeds a certain baseline, maybe you test out of Social Security.

Like many other forms of insurance, that you paid for it doesn't necessarily mean the insurance ever pays out to you.

 

Re: THE 2012 POLITICS THREAD

Oh, sure, that's a fair point. [/bluefont] Ignore any and all who would have been just fine and dandy and focus strictly on those who would have been worse off.

Now I had, and still had, serious philosophical concerns about a partial privatization plan. These had to do with: 1) moral hazard (am I going to exercise proper caution with my investments if I think, should things go bad, Uncle Sam will step in?); and 2) crony capitalism writ large (Uncle Sam was going to be picking the investments I could make). But rest assured these weren't why GWB's musings were dismissed.

But all of that is beside the point. The proposal floated had to do with a portion and a choice ... no one would be required to subject him or herself to the vagaries of the market. Similarly, with respect to those contributions we all make over the years, no one would be required to subject him or herself to the vagaries of the political moment. I don't know whence comes this idea that younger workers can always be counted on to pay for retirees' benefits.

 

Re: THE 2012 POLITICS THREAD

Don't be silly. Social Security isn't insurance. It's an income transfer program. Nothing more.

 

Re: THE 2012 POLITICS THREAD

Do poor people live as long as wealthy people?

 

Re: THE 2012 POLITICS THREAD

Wasn't there a piece mentioned here earlier that was kind of mixed? As in, overall poor people have lower life expectancies, but once you get past a certain age it's pretty much a wash?

But, for the hell of it, let's stipulate that they do. What's the point?