Who here is in favor of cutting Social Security?

[TexasTiger 13,556]

Rand Paul’s ready to cut!

 

https://thehill.com/homenews/senate/4029350-rand-paul-to-force-senate-vote-on-potential-cuts-to-social-security-medicare/?email=066c0990fa413d52c3842f29a42abb22ffa00eae&emaila=02c3337a6605235631b8cab2e023d54e&emailb=e0d37ab6f97ed06914f0e75a1ebed673001a81f7f84978ff9209f3e23f7ba5d3&utm_source=Sailthru&utm_medium=email&utm_campaign=05.31.23 SR Rand Paul senate vote cuts social security

[Mikey 16,781]

Social Security is doing a lot of things it was not intended to do. I'm in favor of those who paid in getting their full benefits. No cuts. I'm not in favor of paying people who never paid into SocSec or people who don't meet the minimum requirements getting paid from the SocSec funds. How much if any of that is going on I don't know.

[TexasTiger 13,556]

2 minutes ago, Mikey said:

Social Security is doing a lot of things it was not intended to do. I'm in favor of those who paid in getting their full benefits. No cuts. I'm not in favor of paying people who never paid into SocSec or people who don't meet the minimum requirements getting paid from the SocSec funds. How much if any of that is going on I don't know.

Does that include a widowed spouse?

[Mikey 16,781]

11 minutes ago, TexasTiger said:

Does that include a widowed spouse?

Of course not. That's already built into the system and has been since the beginning. Don't be silly.

[TexasTiger 13,556]

1 minute ago, Mikey said:

Of course not. That's already built into the system and has been since the beginning. Don't be silly.

Not being silly. Clarifying what you meant by folks that never paid in.

[tomcat 571]

Social Security does cover people beyond those who have directly paid into it. However, if you cut them do not expect a dollar for dollar savings. These people need help and will be a financial burden in some form or fashion regardless.

Perhaps more to the point, there are proposals to increase the minimum ages to access Social Security. In my opinion, this is a non-starter for one reason…..age discrimination. I chose the path of corporate America for a career. Did pretty well…became an officer in a couple of places…stock options…annual bonuses…the whole bit. Was also caught up in downsizing and acquisition job elimination a couple of times. Now in my early 70’s there is no way in hell a major corporation will hire me to a 6 figure job I’m accustom too. Far cheaper to hire two recent grads and try to teach them what I know.

So, no….there are far too many people less fortunate than I who depend upon SS. Pushing minimum age out has far too many unintended consequences 

[creed 1,728]

I'm in favor of cutting ALL federal (MIC to entitlements) spending across the board by 1% per year until our employees in government can balance a budget. 

Edited June 1, 2023 by creed

[aubiefifty 17,492]

2 hours ago, creed said:

I'm in favor of cutting ALL federal (MIC to entitlements) spending across the board by 1% per year until our employees in government can balance a budget. 

why punish the hungry when it is the pols fault? if they quit borrowing from it and paid back what they had borrowed there would be no problem. now they want the less fortunate to bail them out. i disagree...............

[I_M4_AU 8,600]

12 hours ago, TexasTiger said:

Rand Paul’s ready to cut!

 

https://thehill.com/homenews/senate/4029350-rand-paul-to-force-senate-vote-on-potential-cuts-to-social-security-medicare/?email=066c0990fa413d52c3842f29a42abb22ffa00eae&emaila=02c3337a6605235631b8cab2e023d54e&emailb=e0d37ab6f97ed06914f0e75a1ebed673001a81f7f84978ff9209f3e23f7ba5d3&utm_source=Sailthru&utm_medium=email&utm_campaign=05.31.23 SR Rand Paul senate vote cuts social security

Why title this thread about something that is not in Rand Paul’s proposal?

From the article linked:

CLARIFICATION: Paul’s office says that under his spending plan, Social Security will be exempt from cuts. 

Conservative Sen. Rand Paul (R-Ky.) says he will force the Senate to vote this week on cutting total federal spending by 5 percent in each of the next two years, a proposal that could put popular programs such as Medicare, Medicaid and the Affordable Care Act under scrutiny. 

He is looking for a 5% reduction, but doesn’t say it will all come from Medicare, Medicaid and the Affordable Care Act.

Another quote from the article:

Paul said his plan didn’t specify what programs Congress should cut to balance the budget in five years but that it would pressure lawmakers to look at a range of entitlement programs to achieve $545 billion in cuts over two years.

Paul says that under his proposal, “there would be an absolute top-line number for the entire budget that over the next two years would be on its way to balance in five years.”

“Mandatory spending is enormous. It’s over half of the spending every year; it’s going up at 5 percent a year,” Paul said.  

As always Rand Paul wants to balance the budget and these cuts will do that in 5 years.  I don’t think many Senators will want this in the 2024 election cycle.  

 

[Auburn85 434]

Social Security should not be cut.

I'd argue over the last few decades, people are having their Social Security income cut in other ways. I've already posted this a couple times, but it needs to continually be repeated.

https://www.usatoday.com/story/money/taxes/2023/03/16/unadjusted-inflation-taxes-social-security-hurting-seniors/11465773002/

Quote

 

If you’re single and this total is less than $25,000, or if you're filing jointly and it's less than $32,000, none of your Social Security is federally taxed.  

If it’s between $25,000 and $34,000 for single filers or $32,000 and $44,000 for joint filers, up to half your Social Security is taxed. These thresholds have remained the same since taxes on Social Security benefits were introduced in 1984. 

And up to 85% is taxed for anything above $34,000 for single filers and $44,000 for joint filers. These thresholds were added in 1993.  

For example, if you have $50,000 in income and get $1,500 a month from Social Security, you'll pay taxes on 85% of your $18,000 in annual benefits, or $15,300. 

You can file quarterly estimated tax returns with the IRS or ask Social Security to withhold federal taxes from your benefit payment.

What’s wrong with these Social Security tax thresholds? 

With such low income thresholds, a larger proportion of beneficiaries owe taxes on Social Security every year. In 1984, the average monthly check for an individual was $314 and $472 for joint filers. In 2023, it’s $914 and $1,371, respectively.

The percentage of all tax returns with taxable Social Security benefits grew to 33% in 2017 from 7.4% in 1999, and the Congressional Budget Office predicts that it will grow to more than 50% by 2046. 

If Social Security income thresholds were indexed to inflation, Johnson estimates the first thresholds of $25,000 for individuals and $32,000 for joint filers would be $73,000 and $93,200, respectively. At those levels, a lot fewer Social Security beneficiaries would probably owe tax on their benefits, she said. 

 

The Federal Income Tax brackets are indexed for inflation.

Look at how many times the Alternative Minimum Tax has been patched since it began in 1970.

Social Security recipients do get a Cost of Living Adjustment. However, with each COLA, more people's Social Security income becomes taxable.

 

[creed 1,728]

6 hours ago, aubiefifty said:

why punish the hungry when it is the pols fault? if they quit borrowing from it and paid back what they had borrowed there would be no problem. now they want the less fortunate to bail them out. i disagree...............

I'm sure there would be some agencies that will cough up more to ensure poor people are not affected.

To your  term "pols". We (you and me) elected them to represent us so they are us, and borrowing the phase from Full Metal Jacket, this deficit is a big chit sandwich and we're all going to have to take a bite.

It get's even better. I would also raise taxes on individuals to pay off the deficit. I'm not one to leave my relatives and future citizens a bill I allowed to run up on my watch.

[TexasTiger 13,556]

10 hours ago, creed said:

I'm in favor of cutting ALL federal (MIC to entitlements) spending across the board by 1% per year until our employees in government can balance a budget. 

How about cut Congressmen’s salaries 5% a year until they balance? 

[aubiefifty 17,492]

20 minutes ago, TexasTiger said:

How about cut Congressmen’s salaries 5% a year until they balance? 

now we are talking..........

[aubiefifty 17,492]

2 hours ago, creed said:

I'm sure there would be some agencies that will cough up more to ensure poor people are not affected.

To your  term "pols". We (you and me) elected them to represent us so they are us, and borrowing the phase from Full Metal Jacket, this deficit is a big chit sandwich and we're all going to have to take a bite.

It get's even better. I would also raise taxes on individuals to pay off the deficit. I'm not one to leave my relatives and future citizens a bill I allowed to run up on my watch.

what about the huge tax cuts for the rich? you forgot to mention them and they count. and as for agencies feeding the poor how come their are always families at walmart in the grass begging for food? they had two kids about one or two years old with them. they are regulars along with granny with her hat and draped in the american flag and wanting food and money to get by. so sorry but i had to come back and and throw this out there. how many more tent cities do you want to see spring up? and the first people attacked are the poor. hell i know a lady who was a huge trump fan and she showed her ass in a used book store telling me say a young black child get a pack of gum with food stamps. she got through half the N word and stopped because i was giving her the evil eye over her crap. a damn what 25 cent pack of gum to make a kid feel a little better. but it is the pols and not people we need to go over. we need tax codes where everyone pays their fair share instead of letting ol bezos and those guys killing this country. if you love your country sometimes you have to serve her. maybe fight for her. making your fellow countrymen pony up the taxes you will not is not very patriotic.

[creed 1,728]

1 hour ago, aubiefifty said:

what about the huge tax cuts for the rich? you forgot to mention them and they count. and as for agencies feeding the poor how come their are always families at walmart in the grass begging for food? they had two kids about one or two years old with them. they are regulars along with granny with her hat and draped in the american flag and wanting food and money to get by. so sorry but i had to come back and and throw this out there. how many more tent cities do you want to see spring up? and the first people attacked are the poor. hell i know a lady who was a huge trump fan and she showed her ass in a used book store telling me say a young black child get a pack of gum with food stamps. she got through half the N word and stopped because i was giving her the evil eye over her crap. a damn what 25 cent pack of gum to make a kid feel a little better. but it is the pols and not people we need to go over. we need tax codes where everyone pays their fair share instead of letting ol bezos and those guys killing this country. if you love your country sometimes you have to serve her. maybe fight for her. making your fellow countrymen pony up the taxes you will not is not very patriotic.

 

 I didn't state TAX CUTS. I stated RAISE TAXES!!!

 

[TexasTiger 13,556]

1 hour ago, creed said:

 

 I didn't state TAX CUTS. I stated RAISE TAXES!!!

 

What do you propose?

[creed 1,728]

9 hours ago, TexasTiger said:

What do you propose?

Looking at deficits since 1930, we have had defict spending all except 13 years according to the American Presidency Project. This indicates to me the deficit spending is not a big deal to our representatives. However, with that being stated here is how I would address the deficit.

Raise taxes x% and cut federal spending 2x% growth rates at some repeating period. Apply this formula until federal income equals spending. When the income/spending curves cross, freeze taxaction/spending cuts and monitor. Adjust rates if needed, which could mean adding federal spending or reducing tax rates at some point. I see this taking 20 - 30 years before the deficit is cleared.  

Cap taxation and cuts at no more than 1% per repeating period to reduce shock to the economy. 

Edited June 2, 2023 by creed

[aubiefifty 17,492]

11 hours ago, creed said:

 

 I didn't state TAX CUTS. I stated RAISE TAXES!!!

 

i understand that you beast! i just want to be sure the big boys pay their fair share.

[icanthearyou 4,468]

Does the Social Security Trust Fund ever get back the three trillion dollars they (WE) are owed?

We need to stop thinking about entitlements which have their own revenue base.  If you want to balance the budget, look at the other sources of revenue and,,, other expenditures.

IMHO, the only changes that need to be made to SS are:  First, remove the maximum payment cap.  Second, payments should be made based on how much you paid into the system, not how much you earned.

[icanthearyou 4,468]

As part of the debt ceiling resolution, we raised the military budget while,,, restricting food to the poor. 

We care far too much about power and, far too little about people/humanity.  We are destroying society in favor of corporations.