“SSN is a losing argument because it is the ONE entitlement not adding to the deficit now.”
Not to the people who are paying into it. Young people. Again, you’re assuming that a policy is a loser policy because the takers > makers.
I hope you’re not one of those ‘lockbox’ people. There is no ‘lockbox’ it’s been spent. Everything that boomers have contributed has already been spent on stuff for boomers.
What is happening now, is that as boomers retire - their children and grandchildren are footing the bill. Only your children and grandchildren make about as much as your grandparents did. We get a considerable percentage of our income taken off, no matter how much we make, to pay for Social security. For me last year, it worked out to be close to 20 percent of my earnings. And I make about 10k a year.
Meaning - we don’t have the money - because boomers won’t hire us for the positions that make a significant amount of money - and because Boomers insist on credentialism for entry level positions. If you don’t spend x number of years in school - you won’t even be considered.
There’s simply not enough of us out there to pay for all the boomer retirement benefits, not when it takes 5 of us to pay for one of your jobs, and the retirement ratio is approaching 2:1.
SS reform is inevitable. The choice we have at present is how that reform is to take place. What are folks like me supposed to think, when we are having 20 percent of our paychecks taken to pay for people who make more money than we ever had in our life? Social Security takes from the people who have little money (younger folks), and pays it to the section that is the most well off.
Of course there is no lockbox. My point is what needs to be cut to get spending under control resides in many places. Republicans go after entitlements. Dems go after Military and taxes. I am not a tax guy but cuts need to happen every where no matter what party you are in. There are no sacred cows.
I take it you are self-employed? Anyone who is on payroll making 10k a year gets earned income tax credit, so they would only be contributing the 6% employee share to SS, and indirectly the 6% employer share (through getting lower pay than the employer is willing to pay). Those are then completely offset by the earned income tax credit.