Raising Social Security Benefits

Discussion in 'Elections & Campaigns' started by wgabrie, Sep 19, 2022.

  1. wgabrie

    wgabrie Well-Known Member Donor

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    So, I was reading my latest emails from Democratic candidates begging for cash donations and I noticed that they were playing around with the idea of raising Social Security benefits by $200.

    But Social Security payments are scheduled to go up anyway due to record inflation. Leave it to Democrats to promise something that will happen anyway. LOL!
     
  2. Lil Mike

    Lil Mike Well-Known Member

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    Promises made, promises delivered.
     
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  3. Doofenshmirtz

    Doofenshmirtz Well-Known Member Donor

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    They stole that move from Pee Wee Herman. "I meant to do that!"
     
  4. FreshAir

    FreshAir Well-Known Member Past Donor

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    Republicans will fight it I am sure
     
  5. WhoDatPhan78

    WhoDatPhan78 Well-Known Member

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    Do you know if they were talking about raising it 200 in addition to normal cost of living adjustment?
     
    Last edited: Sep 22, 2022
  6. Aleksander Ulyanov

    Aleksander Ulyanov Well-Known Member

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    Another great move in an election year
     
  7. drluggit

    drluggit Well-Known Member Donor

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    Asserted absent any citation offered in support.... You sure are sure of a lot of things these days. Kreskow??? Is that you?? LMAO.
     
  8. wgabrie

    wgabrie Well-Known Member Donor

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    Yes. But these kinds of 'promises' annoy me.
     
  9. wgabrie

    wgabrie Well-Known Member Donor

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    No mention of that being in addition to regular increases. Which is why I'm suspicious.
     
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  10. WhoDatPhan78

    WhoDatPhan78 Well-Known Member

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    But does it say otherwise?

    I think your suspicion is the reason you think it's not in addition.
     
  11. wgabrie

    wgabrie Well-Known Member Donor

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    If you get a $2000 a month benefit then the expected 10.5 percent SS benefit increase next year more than covers the promise.
     
    Last edited: Sep 24, 2022
  12. James California

    James California Well-Known Member Past Donor

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    ~ What if you don't ? The average SS benefit is $1,666.49 .
     
  13. wgabrie

    wgabrie Well-Known Member Donor

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    Then it sucks to be you. ;)
     
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  14. Bullseye

    Bullseye Well-Known Member

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    Maybe, because SS is in no position to pay out more - it's projected to deplete its reserves in the next ten to twelve years and the COLAs for last year and this one won't help that at all. After that it will basically be in a cash in - cash out basis.
     
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  15. WhoDatPhan78

    WhoDatPhan78 Well-Known Member

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    If they were only talking about the already included annual increase, then they were being misleading to begin with.

    I would call it an outright lie now since the average increase would only be 168.

    Only 10% of SS benefits are 2000 or more a month.
     
    Last edited: Sep 24, 2022
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  16. wgabrie

    wgabrie Well-Known Member Donor

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    Yes. Except that there's some budget trickery going on with Social Security and the Federal Budget. It can't really go bankrupt. It will just lead to soaring budget deficits.
     
  17. Lil Mike

    Lil Mike Well-Known Member

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    What is the "trickery" you are referring to? As far as I understand the law, Social Security will only pay out from it's own funds, so in 2035 it will be cutting benefits to 70 to 80 percent of what's owed to match the incoming funding.
     
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  18. Bullseye

    Bullseye Well-Known Member

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    on
    SS depends on FICA - a tax wages. For many years the amount collected exceeded the amount promised to works and was invested in a special type of federal bond. Problem is that lately the amount payed out has exceeded the income and SS has usual interest from those bonds to make up the difference. The problem on the horizon is that a some point soon the bonds are going to have to be redeemed to continue benefits at the current rate.
     
  19. WhoDatPhan78

    WhoDatPhan78 Well-Known Member

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    Then we need to remove the cap on income that is subject to the FICA tax.
     
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  20. James California

    James California Well-Known Member Past Donor

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    ~ Another thought would be to stop SS payments to the wealthy/ upper income earners and increase it for those with no assets ... ? 1584414801.3623-smiley.gif
     
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  21. James California

    James California Well-Known Member Past Donor

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    ~ Do you speak from experience .. ? :blankstare:
     
  22. WhoDatPhan78

    WhoDatPhan78 Well-Known Member

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    Yea, but i am wary of making SS means tested, because they will eventually call it welfare.
     
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  23. James California

    James California Well-Known Member Past Donor

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    ~ Good point ...
     
  24. wgabrie

    wgabrie Well-Known Member Donor

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    It's been a few years (a lot actually) since I researched it, so I might be forgetting some things, but from what I understand, the SSA holds a sort of bond from the federal budget. It's under the line item "debt held by the public" and the federal government is practically paying SSA with a special type of bond every year.

    I'll have to look into it again later when I have more time.
     
  25. WhoDatPhan78

    WhoDatPhan78 Well-Known Member

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    RIght now it's taxed at 6.2% for income below 132,000. We could set the cap at 250k and it would solve most of our problems.

    If we did that and taxed 1% of everything over 250k we would never have to worry about it running out of money,
     
    Last edited: Sep 24, 2022
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