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Politics : Formerly About Advanced Micro Devices
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To: TimF who wrote (212545)12/2/2004 7:14:44 PM
From: Road Walker  Read Replies (2) of 1572953
 
re: Which would be a reduction in future payments. It might "save" social security, in the sense that the "trust fund" would have enough money to pay back future recipients, but the "trust fund" is an accounting item, not a real pool of money. The actual money has already been spent. If the "trust fund" has to get money back from the general fund then that payback will have to come from taxes.

I accept that Bush raided the SS fund, which he promised not to do prior to his '00 election.

But the point is that SS is self sustaining if the adjustment is based on inflation not wages. It you would average the formula with a slight increase in FICA, then problem solved! Hardly worth all the hand wringing (and yes I understand that means a reduction in benefits, but NOT a later retirement age).

re: If they mean that Bush's plan would require SS taxes go up 50% in order for the social security fund to be in the same situation in terms of solvency that it is now, than their statement doesn't make a lot of sense. The % of SS that would be "privatized" is a lot below 50%, and also the part that would be in individual accounts would reduce future payouts.

You don't get it, do you? I thought you understood that we have been in a long period of SS surplus revenue over benefits, and we are entering a period when SS benefits are over revenue. It's not prudent to cut revenue at this point. It's lame brain, unless your intention is to break the system.

The solutions are easy. The politics are hard.

John
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