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View Diary: GOP's CR budget would shut down Social Security (160 comments)

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  •  Didn't we vote to pay more back then? (1+ / 0-)
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    Zinman

    Or at least I believe the FICA deduction about doubled sometime around 1980 just to put some more aside for the boomers and those coming after them. And however it happened, I don't think it would have happened without the votes of boomers back then.

    Moderation in most things. Except Reactors. IFR forever!

    by billmosby on Wed Feb 16, 2011 at 09:36:54 AM PST

    [ Parent ]

    •  It was 1983 (1+ / 0-)
      Recommended by:
      billmosby

      The Greenspan Commission recommended an increase in the FICA deduction from 4.2% to 6.2% for workers.  Congress passed this recommendation and made it law during the Reagan Administration.

      The idea was to pre-fund SS for the baby-boomers by building up the SS Trust Fund.  It worked.  We now have a $2.5 trillion Trust Fund, paid for by baby-boomers to carry the additonal load of funding SS for their generation.

      "11 dimensional chess" is a clever form of using magical thinking to obfuscate the obvious.

      by Zinman on Wed Feb 16, 2011 at 10:44:08 PM PST

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      •  Thanks. I knew it happened (0+ / 0-)

        sometime back in there. Looks like I paid in about 170k over the years, about what I put into what has become my IRA. So what I will be getting from SS is just about exactly what I will get from the interest on my IRA contents. Doesn't look like we're burdening anybody with all that considered.

        Moderation in most things. Except Reactors. IFR forever!

        by billmosby on Thu Feb 17, 2011 at 06:50:00 AM PST

        [ Parent ]

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