THIS IS EXACTLY WHY SOME OF US YOUNGER VOTERS WANTED TO PRIVATIZE A PORTION OF OUR ACCOUNT!! BUT JERKS LIKE THIS WERE TELLING US IT’S TOO RISKY. SURE LOOKS LIKE I GOT A GUARANTEED LOSER INSTEAD OF A HIGH RISK!!!
I’d also like to know how it works when people immigrate here, legally or not, and somehow end up on the social security and/or Medicaid roles?
I can’t tell you how many foreign patients I see in our hospital. I ask them how long they’ve been there — most will say 15 years or less ...however, they are on FULL Medicare/medicaid and social security.
So how does that work? What exactly is THAT doing to the budget?
I’m 59.
I propose that Social Security be phased out over a generation’s time. Step 1 would be to freeze current benefits to those on the receiving end now and end cost of living increases. Step 2 would be to redefine beneficiaries to only those who have paid into the system, eliminating 25% of the benefit amount over a four year period to those who don’t belong. Step 3 would be to offer a one-time cash incentive buyout to those who are within ten years of being eligible to receive benefits including a provision that they will never have social security taxes taken from their checks again as long as they live. This would lower the long-term obligations being faced by those of you in the younger generations and allow more of your money to go toward your own private retirement accounts that you would own. Step 4 would be to redefine benefit levels for those who fail to accept the buyout offer. They have a choice, the buyout or whatever results from the redefinition committee. Those who are between ten and twenty years away from receiving benefits will have their social security taxes lowered a little to help them cope with the redefined benefit levels they will receive. Anyone more than twenty years away from being eligible to receive benefits will not be able to collect anything from social security. Their social security taxes will be decreased as current recipients die off over time until one day it’s simply over and done with.
This approach has everyone giving a little and getting something positive in return. It’s the only way to get full buy-in.