how do you think we can we solve the social security deficite?

Question

They say the generation to come most likely won't recieve social security because of the baby boom. While the baby boom kids were working, the government took money from the large pool, thinking it wouldn't hurt. So many people are retiring now, that there will be a deficite in the next generation's retirement. We are strongly advised to invest our retirement elsewhere. We've put good money into this account, and probably won't be getting it back because we are paying off the US debt. If we simply make more money, the value of the dollar will decrease. So do any of you have ideas or suggestions that might be able to solve this social security issue? Just curious what ideas you guys have out there.

Answer 1

I can't believe how many people answered your question with more taxes. Have more taxes ever turned out to bring the American people anything but more government spending?

We recently had a tax cut, and govt collected tax $s actually went up. Increasing the tax rate puts less $ in people's pockets. Less money means less spending, less spending cripples the economy, which means less job, which then in turn means less people paying into social security.

You would need to privatize the system bc when the govt spends or invests money they do a poor job with it (remember the 1 bill Katrina $s that were misused). Or you would need to create a wealth building system that allowed employees to place their money in safer option investments. You could easily outperform the returns you receive from social security, it's not that hard.

If you actually thought taxes were the issue, how about giving Americans ALL the money they earn with the fairtax. That way, you're not taxed unless you buy something that's not a necessity, so you control your tax bracket, not uncle sam. Plus, ever illegal immigrant and visitor to the US now pays into SS with everything that they buy when they are here.

Answer 2

#1--eliminate the cap on the FICA tax. Over about $87,000, no tax is paid on additional wages into Social Security.

#2--Much as I hate to say it, the tax rate probably needs to go up, at least for a while.

#3--Round up the illegals and send them home. Most of the work they are doing is under the table economy, and when they are gone, the employers will have to hire legitimate workers (and pay them more) who will pay FICA tax.

#4--Continue the slow increase of the retirement age, and start increasing the age for early benefits.

#5--Put some sort of means test on recipients. It makes no sense to pay benefits to someone who has an income (from investments or whatever) greater than the national average income.

Answer 3

Yes. There are several possibilities, I will list some:

1) Increase taxes
2) Decrease spending on Defense, Medicare, Medicade, Social Security itself, foreign subsidies, domestic subsidies...do you really want to know everywhere we waste money
3) Decrease the benefits or increase the age requirements of SS. In other words, you may have to be 80 to get SS by the time we retire.

Answer 4

when the baby boomers start to retire the gov will find the money or those old folks will vote them out of office, they still will be the largest voting block. While they are working they are all worried about their taxes and so they are not putting the money into the retirement fund. they are also likely to vote heavily against education spending and likely to vote for someone that they think is undereducated like themselves.

Answer 5

The age will continue to increase until we have enough funds left to give out. That is the only solution I can think of right now. If that fund is not going to Iraq, we could have easily solve the problem.

Answer 6

KEEP THE REPUBLICANS FROM CONTROLLING IT........

The republicans Borrow from it to pay for Military Projects and that leaves little money for Future generations........

When THe Democrats are in Office the Social Security fund goes up.........

Answer 7

Keep republicans out of office!

Answer 8

Maybe we should learn to balance our own budgets and learn to invest wisely...in short take care of ourselves.

Answer 9

By learning how to spell deficit.

Answer 10

Kill the old people.

Unrealistic, but correct.

Try moving funds off-shore.