Posted on 06/09/2022 3:10:26 PM PDT by ChicagoConservative27
There's a Social Security benefits cliff looming, with retirees seeing their checks garnished as soon as 2035.
According to the latest federal Social Security report, the program has just enough funding to send out monthly checks to elderly and disabled Americans for 13 years. Beyond that, a 20% reduction in benefits is needed for the program to be sustainable.
"In the coming decades it will be vital for Congress to take steps to put Social Security and Medicare on solid financial footing for the long term," Treasury Secretary Janet Yellen said in a statement on the Social Security report.
(Excerpt) Read more at businessinsider.com ...
lol
just as I keep saying .. liberals and Biden are doomed, every proposal they have to give away or spend more if only make inflation worse.
We got this peeps!
You filthy treasonous pigs can’t buy my vote. KMA.
But keep giving Ukraine billions and billions morons. And the laughing hyena announced 3 billion for Venezuela or South America. Bottomless cookie jar for their spending though.
Democrat logic: save SS by jacking up benefits.
I’m perfectly OK with taxing the BigTech “Woke” rich. Tax hell out of them!!! But we all know they’ll get their “exemptions.” And the working folks will get the shaft. Business as usual!
They believe in “income equality”. So the person who earns $300,000 would have $250,000 of it taken and given to people who don’t earn anything. That would make the dems happy.
But the high earner would soon be living in another country, and the dems would be taking more and more from the average worker until it becomes stupid to work at a job because non-workers would be getting as much money without having to work.
The country is well on the way to the democrats’ dream of “equality.”
It’s a very bad idea.
But I could buy a nice AR-15 with that.
How come welfare and food stamps never run out of money?
Bernie Sanders Elizabeth Warren
Sen. Bernie Sanders of Vermont; Sen. Elizabeth Warren of Massachusetts Susan Walsh/AP Photo; Tom Williams/Pool via AP
Sanders and Warren rolled out a plan to boost Social Security checks.
But Republicans slammed the proposal’s tax hikes to finance the larger benefits to retirees.
The GOP generally favors other steps to preserve Social Security, like raising the retirement age.
There’s a Social Security benefits cliff looming, with retirees seeing their checks garnished as soon as 2035.
According to the latest federal Social Security report, the program has just enough funding to send out monthly checks to elderly and disabled Americans for 13 years. Beyond that, a 20% reduction in benefits is needed for the program to be sustainable.
“In the coming decades it will be vital for Congress to take steps to put Social Security and Medicare on solid financial footing for the long term,” Treasury Secretary Janet Yellen said in a statement on the Social Security report.
Senator Bernie Sanders - alongside Sen. Elizabeth Warren, and a bevy of other Democrats - are putting forward a plan to change that.
Their proposal: A bill that would increase the benefit by $2,400 per year, and fully fund the program through 2096.
To pay for it, the Democrats are proposing a raise to the earnings cap for paying into Social Security. Right now, Americans are only taxed on their first $147,000 in income to pay for Social Security; earnings beyond that are not touched.
Sanders’ Social Security Expansion Act “would lift this cap and subject all income above $250,000 to the Social Security payroll tax,” according to a fact sheet released by the senator.
Raising the income threshold isn’t a new concept, and it’s one that key centrist Joe Manchin has already expressed support for. Earlier this year, the Democrat from West Virginia said that the payroll tax cap should be taken up to $400,000 to put Social Security on a more sustainable fiscal path.
While Sanders’ plan is one solution to patching the ailing - and popular - program, Republicans indicated that it wouldn’t draw their votes. They tend to resist tax increases to fund more generous safety net benefits, favoring other fixes instead.
Senator Lindsey Graham of South Carolina, the ranking member of the Budget Committee, suggested in a Thursday Congressional hearing that the program’s retirement age would probably need to be raised, a step that Sen. Mitt Romney also expressed support for earlier this year. Romney previously proposed the TRUST Act, a bipartisan bill directed at helping fix Social Security and other ailing programs. Critics said that legislation might end up cutting some benefits.
“Senator Sanders makes a wonderful plea, which many, many people agree with - the need for helping our seniors and providing better benefits for them and so forth,” Romney, a Republican from Utah, said during the Senate Budget Committee hearing. “But recognize this bill has no chance whatsoever of receiving a single Republican vote in either house.”
DC Pols have been singing this song for decades.
Social Security is going broke!
Then, as if miraculous, Congress manages to extend the program.
Same song, same repetitive verse.
Recall that GWB ran on a 2nd term promise to reform Social Security. After he was reelected, he proposed a bill to Congress. Dems said “no”. GW said “okay” and continued to veer leftward.
Pols don’t want a solution, because Social Security is like a football they can toss around.
They just keep moving the goalposts so none of us will be able to retire.
I truly hate my government. Except for the military they are ALL parasites.
Is it this or 40 billion more to Ukraine?
BUYING VOTES!!!!
So how many folks who are in their late 50’s and above will pull the Democrat lever in order to get an additional $2400 each year?
My guess is that a majority of them are willing to sell their soul to the Democrat Devil.
They will raise SS benefits the $200.00 a month THEN raise Medicare to take away from you that is how they roll!!!
Oh, wait! Is there some sot of elections on the whorizon?
Bernie Sanders, Elizabeth Warren, and other Democrats want to pay retirees an additional $2,400 in their Social Security checks — by raising taxes on the richest Americans
—
Or, you could kick all the illegals out of the country.
$2400 = $200 a month. That will sure help the elderly. By 2035, that will pay for 1% of their inflation costs./sarc
I WOULDN’T WANT ANY MONEY FROM THE LEFT.
It would be a down payment for your SOUL.
No Way.
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