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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: CalculatedRisk who wrote (15223)	11/9/2004 3:25:28 PM
From: upanddown	Read Replies (3) of 116555

The pols yammering about SS in trouble never mention the reason for the trouble since they like to imply that the fault lies with the American people. Since Reagan jacked up SS taxes in 1983, there has been close to 2 trillion in SS taxes collected in excess of benefits paid. If that "Trust Fund" had been sacrosanct and had been invested in low-risk investments, it would have doubled at a minimum. We would have at least a 4 trillion balance in the SS trust fund and nobody would be talking about system failure. The politicians instead snatched it and spent every dime with a large portion of that SS surplus financing tax cuts for people with incomes well above SS income limits, currently $87,300. What is that other than income transfer.....upward? A nice way to improve SS finances and also get some of that money back would be to raise the current income limit of $87,300 to $1,000,000. Unfortunately, with the current administration, any tax proposal that has any negative impact on high incomes is a non-starter.

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