I have to agree with Sen. Grahmnesty. Social Security won’t even last long enough to pay its current obligations to retirees. Wealthy seniors should be forced to take a buyout equal to the amount of money they put in over the years, plus a reasonable amount of interest.
That’s not going to happen so must forget about it. No one has a claim on the taxes they payed into SS either legal or moral. That money is a sunken cost. Forget it and move forward.
Bull - if SS were used ONLY to pay retirement benefits and ONLY in a quantity previously funded by what that INDIVIDUAL has paid in, then there's plenty of money in the program. If they're going to stop paying out selectively, then they should start with all the other payouts that they now provide (surviving spouse, disability, etc.) and reduce outlays to those that paid so little into the system in their productive years that they are essentially collecting welfare.
If it's acting like a welfare program, then fix it so that it isn't a welfare program. Don't make it even more of one. Bottom line is that there should be NO redistribution involved with SS.
Wealthy seniors should be forced to take a buyout equal to the amount of money they put in over the years, plus a reasonable amount of interest.
I'm far from wealthy, but I'd glady take a refund with interest over the financial raping that this communist is proposing. His definition of "wealthy" will undoubtedly include anybody with over $100K in their 401, and/or a pension.
If that was offered to me, I wouldn't have to be forced.
But, here's the problem: that payoff would bankrupt Social Security even faster.
I've done the calculations. In order for someone to receive the actual value of their Social Security contributions (plus interest), they would have to live to about 120 years. So, paying them the currently legislated monthly benefit would actually be cheaper.
A clarification: this is true for a taxpayer that has contributed the maximum amount to Social Security each year for the last 10 years of their working career. That's not necessarily "wealthy", but definitely upper middle class.
LOL! I presume you realize the money's gone, been spent a long time ago. We don't have the money to give back, never mind interest.
I’ll take that deal right now. But only if they stop taking any more of mY cash. My employer’s they can keep and keep taking.