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  •  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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