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Politics : Politics for Pros- moderated
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To: KLP who wrote (421981)4/15/2011 10:45:15 AM
From: Katelew  Read Replies (1) of 793856
 
and Republican President Ronald Reagan increased taxes, raised the retirement age, and made other changes to keep the program solvent.[135]

Part of me has always wished Reagan had just privatized SS or otherwise done away with it. His tweaks hit us all wrong.
We had to start paying considerably more in payroll taxes during the 80s, our peak earning years. Then we had to wait longer to retire and get it, and now are paying part of our SS back in taxes. Paying taxes on it galls me to no end. It's like the right hand of the govt. gives me a check, and then the left hand takes part of it back. Crazy.

The same amount of money I paid out in payroll taxes could have gone into a Roth IRA, grown through the great bull market of the 80s and 90s, and now be coming back to me tax-free.

I say part of me wishes this because I assume other people got a net benefit from the changes to SS the Reagan administration made.

Social security would be in so much better shape if it had stayed true to the original intent, but changes were made through the years such that a lot of SS deposits are paid out to people who never paid much, if anything, into it. Spouses who never worked, for example, get a small check at 65. And then there's SS disability payments as well as monthly checks paid out from SS to orphaned children.
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