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View Diary: Barney Frank: Save Social Security by making the near rich pay a little more (146 comments)

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  •  There never will be a crisis. (0+ / 0-)

    Shortfall looks 1-2 years off, raise FICA. No crisis.

    Non enim propter gloriam, diuicias aut honores pugnamus set propter libertatem solummodo quam Nemo bonus nisi simul cum vita amittit. -Declaration of Arbroath

    by Robobagpiper on Wed Jan 09, 2013 at 02:16:24 AM PST

    [ Parent ]

    •  And when the mass of baby boomers retire (0+ / 0-)

      and there are insufficient new workers and jobs to make up the difference?

      •  Yes. Because, once again, if you plug historical (0+ / 0-)

        average GDP and wage growth into the models, there is no shortfall.

        The notion that the boomers' retirement is a problem is a red herring. The boomers' retirement is accounted for (hence the Greenspan reform and the growth of the trust fund above the 1-year reserve level).

        Even in the scenario the SS Trustees paint, using unrealistically dismal economic projections, the shortfall in SS' ability to meet promised benefits amounts to about 2 points of increased FICA on both worker and employer - substantially softened if the cap has been raised to keep pace with the historical goal of capturing 90% of wages.

        Non enim propter gloriam, diuicias aut honores pugnamus set propter libertatem solummodo quam Nemo bonus nisi simul cum vita amittit. -Declaration of Arbroath

        by Robobagpiper on Wed Jan 09, 2013 at 09:59:10 AM PST

        [ Parent ]

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