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View Diary: Anyone That May Receive Social Security Must Read This (192 comments)

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  •  Though I sympathize with your purpose (1+ / 0-)
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    I do have some problems with your figures.  In the 1% world, most of your income is other than wages.  So your figures might be on the optimistic side in terms of making up big shortfalls.  It seems to me that just raising the cap or lifting it entirely just puts the burden on the upper end of the 99% leaving the 1% untouched.

    Then there is the issue of Social Security' s standing.  Many years ago, my mother pointed out that SocSec was designed to be an insurance program in order to protect it from exploitation by the very rich.  If most people got benefits from it, regardless of their wealth, she reasoned, it would be popular and hard to attack.  The cap was a part of this.  If the cap is eliminated, then FISA is simply a wage tax and the retirement payments simply entitlements.

    The cap has risen much more than inflation but it could go up more if necessary.  A slight increase in rate, say bringing it up a fifth of a per cent would probably keep it going far into the future, but of course, the rich would not pay much more, and the fair share issue is what bugs me most.

    In the long run, the ways to solve the fair play issues are not Soc Sec items, but More Progressive  income tax rates, and wealth taxes, particularly inheritance and gift taxes (with a sizable zero bracket).  Sure I would love to leave my kids six hundred million or so, but if they get only 300 million, I could suck it up and deal.

    But you are right.  SocSec is under attack and must be defended from the greedy monsters.

    Considering how little SocSec costs rich folk, you have to wonder why they care.  I think the big draw is if they can shake the money out of the government, they can tax it for themselves in bank fees and innocent looking schemes. Then again maybe it is.....

    •  I think the rich "care..." (5+ / 0-)

      ... so much because they might have to start paying what we peons have been paying all along..., and that means the oil and mercenary and military-industrial complex corporations will have to help pay back the loans taken from Social Security to run their illegal and unconstitutional wars from which only they profited.

      Too, they have to let some Soc Sec funds stay there for retired and disabled people because the uber-rich own the corporations that sell insurance, medical and pharmaceutical products to us poor old and/or disabled saps who pay through the nose (by law with the new medical "insurance" program) for the crap insurance (and services and testing that's WAY over-priced) they're selling instead of letting us buy into Medicare - low overhead, not-for-profit, single-payer insurance program maintained by the government which would cost less to manage, but the infrastructure is in place, and to keep it running efficiently it would involve hiring new employees right here in America to take care of the paperwork to add the rest of the population to Medicare..., and the economic impact of new payroll money on both tax revenue and on buying power would have an instantaneous impact on the economy, and that would be 'bad' for those who wanted Obama to be a one-term president.

      Otherwise, if it didn't impact their income, they wouldn't give a rat's ass.

      I'm sick of attempts to steer this nation from principles evolved in The Age of Reason to hallucinations derived from illiterate herdsmen. ~ Crashing Vor

      by NonnyO on Sun Dec 09, 2012 at 03:52:53 AM PST

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