Social Security is the best reform that came out of the great depression and The New Deal and a means of maintaining a sane social contract requires the kind of security Social Security has (kinda) provided for 70+ years.
Stephanie and MMT are right that solvency is a false issue for a sovereign currency issuer, but they won't terminatedly make the case for Social Security or MMT until they cognite on the root of the problem (the monopolistic monetary and financial paradigm) and awaken to the new paradigm whose policies would not only guarantee a program of social security but make it available for everyone 18 and older...for life! And such policies would also resolve the deepest macro-economic and social problems we face namely, chronic lack of adequate demand, inflation, debt deflation and the slow-mo treadmill to no where that comes with financial domination.
If we don't "up our game" of analysis from simply theory to the level of the paradigm/entire pattern change its all just a lot of talk that rarely produces good and when it does it gets gamed because...it's not a paradigm change which integrates opposites among which is the self interests of presently opposed constituencies.
The funding shortfall that is forecast can easily be solved by taking off the cap on the payroll tax . It's that easy. The fund currently has a balance of approx $2.8 trillion, there is no reason why it should be allowed to run down. The other thing that would benefit the fund and would be easily done is to invest some of the excess funds in the market. Currently the fund is exclusively invested in US treasuries, at an artificially low interest rate.
Thank You
Social Security is the best reform that came out of the great depression and The New Deal and a means of maintaining a sane social contract requires the kind of security Social Security has (kinda) provided for 70+ years.
Stephanie and MMT are right that solvency is a false issue for a sovereign currency issuer, but they won't terminatedly make the case for Social Security or MMT until they cognite on the root of the problem (the monopolistic monetary and financial paradigm) and awaken to the new paradigm whose policies would not only guarantee a program of social security but make it available for everyone 18 and older...for life! And such policies would also resolve the deepest macro-economic and social problems we face namely, chronic lack of adequate demand, inflation, debt deflation and the slow-mo treadmill to no where that comes with financial domination.
If we don't "up our game" of analysis from simply theory to the level of the paradigm/entire pattern change its all just a lot of talk that rarely produces good and when it does it gets gamed because...it's not a paradigm change which integrates opposites among which is the self interests of presently opposed constituencies.
Keep on plugging away at it. Maybe we can prevent the people who have bought our government from ending a very popular program.
Isn’t double taxation when I have to pay taxes on my SS monthly benefits. My retirement income is very moderate?
The funding shortfall that is forecast can easily be solved by taking off the cap on the payroll tax . It's that easy. The fund currently has a balance of approx $2.8 trillion, there is no reason why it should be allowed to run down. The other thing that would benefit the fund and would be easily done is to invest some of the excess funds in the market. Currently the fund is exclusively invested in US treasuries, at an artificially low interest rate.