Republicans have stopped talking about Social Security lately, trying to avoid the backlash from angry seniors and Democrats. Rest assured, they have not stopped plotting and scheming against it since 1935, when it passed. I’m sure I will say this as many times as I already have, but it needs to be said over and over again, until the one true solution for Social Security is implemented. Scrap the Cap! Here’s an action opportunity and an amazing video.
The Economic Opportunity Institute and Social Security Works released a new video this week that features two senior citizens rapping "Scrap the Cap," a reference to the easiest and most logical solution to the long-term funding of Social Security. The organizations are quick to point out that talk of a ‘crisis’ in Social Security is nonsense since the program currently has a $2.6 trillion surplus, and that scrapping the cap on taxable income for Social Security is a good fix for the long-term projections of a funding shortage. Currently, everyone paying into Social Security only pays taxes on the first $106,800 of their income and nothing on any income above that, effectively meaning that wealthier citizens pay no Social Security taxes on most of their income. Eliminating this cap would make the program solvent for a much longer time period.
Ditto! Ezra Klein at WaPo has a pithy little article documenting that scrapping the cap comes close to actually generating a long-term surplus – and putting a modest cap on benefits that millionaires would receive DOES produce a surplus!
Ditto Patty’s response and actions – us old geezers ought to have a voice ‘afore we kick the bucket – or move in with our kids – “course I gotta get the apron strings off a my daughter first – cause the job that she’s got aint enough to pay back her college debt or to continue grad school – go figure! Nice economy
This makes so damm much sense!! But of course , when the real goal is to eliminate Social Security and all such programs- — anything that makes sense will have an uphill fight!!!! Social Security i s an insurance program ! not a freebie given out of the kindness of their tiny hearts— We work all our lives and pay into it – so we can have a bit of income— to keep us out of the gutter!! – I first paid into it in 1953—my first real job- with a paycheck— retired in 2009– meaning I paid into that program for 56 years— as did my husband into his—- Insurance program—not a charity ! So why should it have a cut off ?-
If you want to shut down any discussion about eliminating Social Security. Remind the person that is making the argument that he can let his poor parents move in with him, when they don’t have it anymore. LOL
The hell with waiting for an invite — just move in! You powdered his little butt, you took him to little league, you probably helped him with his homework, taught him to drive, and sacrificed so he could go to university. What was good for the goose is still good for the gander. Having said that, I doubt any of us would just move in unannounced. Might make for a good TV sitcom though.
I didn’t know much about the US SS but equated it with the Canada Pension Plan. So when I heard the Republicans wanted to do away with it, I didn’t like that bt affects the quality of life for seniors and people have been paying into it all their working lives. And I certainly understood ‘scrap the cap’. Then this afternoon I realised that the Canada Pension Plan has a cap too, but I just never thought about it. Premiums are deducted from every pay cheque to a maximum annual amount of about $2,000 for everyone. The premium or deduction is based on a sliding scale but the ultimate cap is about $45,000 income per year. Additionally, employers are required to match the payment. Come time to collect your CPP, someone who made $50,000 and someone who made $500,000 will get the same monthly pension amount. I heard years ago, although nothing recently, that I likely wouldn,t be able to collect my CPP because the plan would be bankrupt. Well it is not, but what happens as the babyboomers continue to draw on it and the next generation is smaller so contributions do not keep pace. There comes a revolution at some point. Some thought for my thought machine.
The Economic Opportunity Institute and Social Security Works released a new video this week that features two senior citizens rapping "Scrap the Cap," a reference to the easiest and most logical solution to the long-term funding of Social Security. The organizations are quick to point out that talk of a ‘crisis’ in Social Security is nonsense since the program currently has a $2.6 trillion surplus, and that scrapping the cap on taxable income for Social Security is a good fix for the long-term projections of a funding shortage. Currently, everyone paying into Social Security only pays taxes on the first $106,800 of their income and nothing on any income above that, effectively meaning that wealthier citizens pay no Social Security taxes on most of their income. Eliminating this cap would make the program solvent for a much longer time period.
Great video! Signed the petition too. I’m sick and tired of them using scare tactics about SS.
Ditto! Ezra Klein at WaPo has a pithy little article documenting that scrapping the cap comes close to actually generating a long-term surplus – and putting a modest cap on benefits that millionaires would receive DOES produce a surplus!
Me three! I loved the video, though I watched it after signing the petition.
Me four!
Ditto Patty’s response and actions – us old geezers ought to have a voice ‘afore we kick the bucket – or move in with our kids – “course I gotta get the apron strings off a my daughter first – cause the job that she’s got aint enough to pay back her college debt or to continue grad school – go figure! Nice economy
Tell her to fight to scrap the cap or she’ll be supporting you! 😉
This makes so damm much sense!! But of course , when the real goal is to eliminate Social Security and all such programs- — anything that makes sense will have an uphill fight!!!! Social Security i s an insurance program ! not a freebie given out of the kindness of their tiny hearts— We work all our lives and pay into it – so we can have a bit of income— to keep us out of the gutter!! – I first paid into it in 1953—my first real job- with a paycheck— retired in 2009– meaning I paid into that program for 56 years— as did my husband into his—- Insurance program—not a charity ! So why should it have a cut off ?-
I hear you. I paid in since 1956.
If you want to shut down any discussion about eliminating Social Security. Remind the person that is making the argument that he can let his poor parents move in with him, when they don’t have it anymore. LOL
the person who agrees with this crap is the person who would have his parents on the street before inviting them into their home!
That’s very true! Heh Heh! That shows what kind of people they are, don’t it!
The hell with waiting for an invite — just move in! You powdered his little butt, you took him to little league, you probably helped him with his homework, taught him to drive, and sacrificed so he could go to university. What was good for the goose is still good for the gander. Having said that, I doubt any of us would just move in unannounced. Might make for a good TV sitcom though.
Amen to all!
I didn’t know much about the US SS but equated it with the Canada Pension Plan. So when I heard the Republicans wanted to do away with it, I didn’t like that bt affects the quality of life for seniors and people have been paying into it all their working lives. And I certainly understood ‘scrap the cap’. Then this afternoon I realised that the Canada Pension Plan has a cap too, but I just never thought about it. Premiums are deducted from every pay cheque to a maximum annual amount of about $2,000 for everyone. The premium or deduction is based on a sliding scale but the ultimate cap is about $45,000 income per year. Additionally, employers are required to match the payment. Come time to collect your CPP, someone who made $50,000 and someone who made $500,000 will get the same monthly pension amount. I heard years ago, although nothing recently, that I likely wouldn,t be able to collect my CPP because the plan would be bankrupt. Well it is not, but what happens as the babyboomers continue to draw on it and the next generation is smaller so contributions do not keep pace. There comes a revolution at some point. Some thought for my thought machine.
Good video.
The problems in the two nations are virtually identical.