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Thursday, January 20, 2022

Social Security reform debate stirs in Congress

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WASHINGTON (Reuters) – While Congress brawls over how to shrink a $1.6 trillion budget deficit this year, an even tougher battle has begun over cutting popular Social Security retirement benefits to achieve long-term savings.

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3 thoughts on “Social Security reform debate stirs in Congress”

    • There are already ‘scare articles’ on the www along with financial newsletters to which I both subscribe and receive solicitations for such to my home.

      The claim is that the Fed would nationalize all assets in 401k’s and presumably IRA’s of various types too; I.E., any money that is currently ‘sheltered’ as a function of the ‘beneficence’ of our Federal Government. They would pay a flat 3% per annum on the money. When the owner of the assets dies, then the money reverts to the government.

      I know this sounds truly over the top, but strangely I could see Obama’s policy wonks pitching out such evil nonsense to our ‘dear leader’. I’m sure with his solid roots as a world class ‘community/communista organizer’ he’d think of it as being a ‘capital’ idea. / : |

      Carl Nemo **==

  1. “The IOUs in the trust fund are akin to a note that a bank robber might leave behind in the empty bank vault stating how much money he has stolen.” A succinct description of the so-called ‘lockbox’ full of Treasury IOU’s from past robberies.

    The surplus in the Social Security account has always been loaned to the government (to fund budget deficits). The total accumulated surpluses from previous years is $2.5 trillion at least since the Nam era with LBJ at the helm.

    “People pay Social Security taxes on their income only up to $106,000. Income above this amount is not taxed for Social Security. So the fix for Social Security is quite simple. Raise the cap on salary amounts subject to the tax. If the cap is raised even one or two percent it will fix Social Security in the near term and long term. Even without changes, Social Security is expected to remain solvent until 2037. This is a general consensus from various web articles discussing viable remedies for the trust.”

    “To scare people into accepting benefit cuts and other changes, Republicans claim Social Security’s broke. By 2023, it will have a $4.3 trillion surplus, and can pay scheduled benefits for 25 years with no changes. After 2037, it can pay 75 percent of scheduled benefits, because preparation for baby boomers’ retirements began decades ago”…extract and quotes from

    The problem is that these IOU’s from the Treasury are coming due in the worst of times for the Republic after many years of our rabid spendthrift crimpols pitching tax dollars at anything and everything, payback consequences be damned.

    They’ve co-mingled ‘Treasury IOU’s’ against the General Fund for which there’s the annual drawdown with evermore deficits in the future. A no nonsense ‘firewall’ has to be created between the funds assets and the sticky fingers of these aforementioned spendthrifts.

    These reps would love to disassemble SS and stiff American seniors and those that are disabled. Their uber wealthy patron/controllers will never have enough money and power because it’s a ‘sickness’ for which there is no cure shy of the grave. I believe Epicurus best sums up the this illness of the human spirit concerning terminal greed.


    “If a little is not enough for you, nothing is.” — Epicurus


    Carl Nemo **==

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