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  •  If your SS is $1500 and your b-in-l's is $2500 (1+ / 0-)
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    Bozmo2

    it's something you can deal with, especially if your wife is drawing $750 'on your account' and his wife has passed on, for example.

    But if you are drawing $1500 a month and your brother-in-law and his wife together are getting $15,000 - which would happen if he had averaged $800k a year for 35 years (all in 2013 dollars) - it may be harder to be philosophical.

    And if your kid is self-employed and making $50k a year and scrambling to pay $6,200 in Social Security tax - that is, paying in a whole year 12 days of his uncle's benefit - you could even become doubtful about the legitimacy of SS, couldn't you?

    SS will be fine if we raise the minimum wage and get the economy growing again.

    Trying to 'punish' the wealthy using Social Security may turn into a fool's errand, and I don't think it's wise. The last laugh may not be ours.

    Too late for the simple life, too early for android love slaves - Savio

    by Clem Yeobright on Sun Apr 28, 2013 at 06:57:09 PM PDT

    [ Parent ]

    •  You make many valid points and I agree (1+ / 0-)
      Recommended by:
      Clem Yeobright

      the solution will be in employment.

      “I'd rather have a bottle in front of me than a frontal lobotomy.” ― Dorothy Parker

      by Bozmo2 on Sun Apr 28, 2013 at 07:03:45 PM PDT

      [ Parent ]

      •  Right now, there's a lot of income (1+ / 0-)
        Recommended by:
        Bozmo2

        not subject to FICA: the Earned Income Tax Credit.

        For some reason, we've decided that it's fine in our society to pay people less than they need to live on in their employment and then have the government make it up to them with a negative income tax. But that money doesn't get counted for retirement: no contributions, no benefits. The SS income replacement formula then errs in assuming it is genuinely based on total income.

        If we raise the minimum wage to a living wage, the income that people actually end up with will be the basis for their contributions to SS and also their benefits from SS. And we can get rid of the EITC (or cut it back to deal with extraordinary cases only).

        Too late for the simple life, too early for android love slaves - Savio

        by Clem Yeobright on Sun Apr 28, 2013 at 07:13:09 PM PDT

        [ Parent ]

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