should social security be reformed or stay the same?

Question

i know there are lots of opinions about this question. But honestly, if we reformed social security, would it help save social security in the future?

Answer 1

Social Security needs to be reformed. The pay as you go system does not work. Social Security surpluses have presented the American people will a false sense of our true budget deficits. According to the 2006 trustees report, the Social Security trust funds will have an annual surplus of $177 billion in 2006. Our fiscal budget deficit was $248 billion (included is the surplus cash flow of Social Security). If we took $177 billion and actually saved the money, our actual fiscal deficit is $425 billion. Also keep in mind that Hurricane Katrina, Iraq war and Afghanistan wars were "emergency supplement" funded (wars = $72.4 billion, Katrina = $24.6 billion) That now brings our fiscal deficit to $522 billion for 2006. Does $522 billion seem like a much bigger number than $248 billion?

It is projected that in 2017 our tax expenditures from Social Security will exceed our tax revenues. It was reported by the Social Security trustees in a 2006 report tax income coming into the trust funds will cover about 74 percent of benefits and administrative cost. Under 1983 Social Security Reform the retirement age is going to be 68 years old.

Reform needs to take place but the only way things are going to be done is the legislative branch and the executive branch need to work bipartisan to form a solution. Right now with the height of partisan politics, I do not see the Social Security reform happening any time soon.

Answer 2

The great threat to social security is that it is a social program. It is being purposefully mismanaged in order to scrap it in favor of the privatized investing firms that would make more money off of you retirement resources. In addition It can't run out of money. It can only run out of surplus funds used to pay out more than it collects. Basically as long as there is a work force paying into it it will have money. The same thing is happening to the public school system. It also is being mismanaged so that people will scrap it for private schools that will benefit an elitist structure.

Answer 3

i think you dont understand that even whilst human beings use Medicare, they should pay for area of it which could upload as much as $3 hundred or $500 a month. And that in the event that they artwork previous age sixty 5, they proceed to pay into Medicare and Social protection for YOU. What reforms to Medicare are you claiming dont impression people who're on Medicare? What double payoff are you talking approximately?

Answer 4

I'm a strong advocate of the voters in 2040 abolishing the program completely.

As presently set up, a tax increase of about 7.65% [1 in 13] of pre-tax work income will be needed then to continue making the SS and Medicare payments.

My now eight year old grandson will be a middle age, prime earning taxpayer in 2040.

EXCEPT that he won't have gotten to vote on Social Security or Medicare. WE passed the current laws, WE are keeping the programs underfunded, and WE are overpaying on benefits.

HE can't vote on the subject at all. Yet.

So when his generation becomes the deciding majority on these issues [about 2040 when the tax increase has to kick in], my suggestion will be that they recind the program that pays them no benefits and kill the tax they didn't vote for.

Do you recall that Yankees revolted against Britain over issues like "taxation without representation"?

How is this different?? We're voting taxes onto people who can't vote at all!!

***
Instead they can vote in a compulsory retirement savings plan such as the one Chile or Singapore has. [Both have been wildly successful ... but, since they weren't invented here, we won't consider them -- dumb!]

:)

Answer 5

There's no question that to save social security there needs to be reform. It will soon be bankrupt...

Answer 6

Keep the politicians out of and away from the trust fund and stop them from raiding it for every pet project that comes along, it's not there to balance the budget or any other pork barrel project, pass a lock box law and it just might save the funds for their intended use.

Answer 7

I don't think we have much of a choice. It's either reform it, or watch it go broke by the time Gen-X'ers are ready to retire. I think it's high time you put the money in the hands of the people (or at least a portion of it) to invest.

Answer 8

Take the freeloaders off of it and the current program is fine. Too many "able bodied" people and non-citizens draining it. How can an illegal alien who does not pay taxes benefit from our program? Different states extend privileges to people who don't even have a legal SS Number.

Don't make sense to me.

Answer 9

Be reformed ASAP, or it won't be solvent after 2025.

Answer 10

Stay the same!
There is NOTHING wrong with it!