Social Security Increased announced
Posted on October 20th, 2004 in General, Social Security by tavaresforby ||
Starting January of 2005, social security taxes will be increased by 2.7 percent, which will be the largest percentage gain since the 3.5 percent increase in 2001. The increase last January was 2.1 percent.
The Problem:
Currently, social security is essentially “a pay as you go” system. Meaning the workers of today is footing the bill to pay for the elder’s retirement income. This is a problem. Every time the cost of living increases for elders, taxes need to be raised for the current work force to support this cost. If a system requires to raise taxes every time the cost of living increase, than the system needs to be re-evaluated.
Also, if there’s a shortage of birth in a generation or two and since this is a “pay as you go” system, this would affect the total social security income when that generation start paying taxes. A generation is typically about a 20-year span. Therefore, there are about two to more likely three generations working at one time that are paying taxes. If one of those generations were limited in the number of workers because of birth shortages, that would effect 1/3 or 33% of the total income going towards social security for the elders. The only way to make up for this is either raise taxes or cut promised benefits.
The reverse of a birth shortage is also a problem of the social security plan. Due to the very large generation of the baby boomers and the longer life expectancy, there will be fewer workers supporting more retirees when the baby boomers retire. Currently, there are about 3.4 workers per beneficiaries. In about 20 to 25 years from now, there will be about 2.1 workers per beneficiaries.
Social security supposedly offers a 2 percent rate return. If this supposedly 2 percent rate return was true, where is it coming from? The money in social security is not invested. So besides the current work force paying for the retiree’s cost of living, we/they are paying the cost of living plus 2 percent. This is another problem from social security that leads to tax hikes and benefit cuts.
The size of your monthly social security check is somewhat proportional to the earnings you make during your working career. But, complex formulas are arranged to give proportionately more money to lower income workers. This is not fair!
In conclusion, we have to do the following to keep the current social security alive:
- Raise taxes
- Cut promised benefits
- Raise the retirement age
- Lower COLAs (Cost of Living Adjustments)
- Raise the annual wage cap (aka, increase tax)
- Tax social security benefits
Privatizing social security is a no-brainer. It will wipe out most, if not all, of the current social security issues. You do not have to raise taxes every time the cost of living increase. You do not have to cut promise benefits. There will be no cost of living adjustments (COLAs) concepts. And you do not have to raise the annual wage cap. I honestly believe many democrats/liberals do not want to privatize social security because that will leave them with less money to spend.
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