I’m not an Obama supporter, but this an area we agree on. If the country wants to have a national pension, we should fund it out of the budget and means test it. Also, the social security tax is regressive as it is only collected on the $102k of income. Combined with an age eligibility scale based on life expectancy, this would make for a manageable program that would meet its objectives for the rest of time.
The present work force can not pay as it goes now.
The demographics are pulling apart. More elderly, less workers, higher taxes, slower or worse economy to come.
Dream on.
You can not have one high school dropout son of an illegal being taxed to death to pay for two elderly.
Math, spending, plans are fictitious. Like Hitler in his bunker moving around divisions that don’t exist, you can not tax young people that don’t exist, or don’t make enough to be taxed.
Other than that, your plan might work.
That is not a national pension. That is redistribution.
If you support redistribution, you do not belong on FR.
As someone who is 46 years old, I knew by the time I was 30 that SS would not exist when I reached retirement age. I still believe it, now more than ever.
What you are saying is that the people who contribute the most to the Social Security Program should get the least (or nothing at all) back because they were successful in their financial affairs. Did you ever hear of "Equal Protection"? What you are advocating sounds a lot like Obama's version of communism.
I lived two years in Scotland and saw firsthand the results of the government's effort to normalize incomes....it takes away any incentive to try to better yourself. Most people will not submit themselves to the level of effort required to start or run a business because you can bust your butt for 18 hours a day, 7 days a week and be no better off than the people who are on the dole (welfare).
Means testing is a Democrat position.