So should we raise the income limit that pays for Social Security or just end it for savings accounts?

Question

This is going to be the issue that separates the Democrats from the Republicans.
Safety Net or Investment Manager? Which would you rather have supporting the elderly if the economy tanks in your old age?
http://www.usatoday.com/news/politics/election2008/2007-11-11-obama-social-security_N.htm?csp=34

Answer 1

Raise the income limit for contributions and do some other tweaks. These sorts of changes worked in the 1980's and can work again. As you can see by looking at the stock market, this is not a good time to talk about privatizing.

Answer 2

It should be a safety net and raise the income limit. Putting it in the stock market would be far too risky. Let people do that on their own like many of them already do. The Social Security system has worked well for Senior Citizens who need it to live on so far, why ruin a good thing? I agree with Zardoz, stop borrowing from it to pay for other programs. And, Gerbil is also right, ALL income should be taxed with a social security tax. That way there would be no problem with funding social security.

Answer 3

Best thing to do would to keep the politicians from spending it all on other countries. Their leftist view toward everyone else but America is what is causing SS to be in such big trouble.
Also, Clinton wasn't the one who caused the problem, SS was dipped into by Reagan, Bush sr., Clinton, and now with uncontrolled spending by Bush jr. little is left to repay it. afterall, that is the purpose of SS...to allow the money to be used by other departments of the government, in the form of loans, and paid back with interest. unfortunately with budgets being cut for crazy spending habits of the current admin, most areas of the government that have borrowed, isn't paying it back all that fast.

The only thing using a small amount for investment is going to do is benefit investment brokers, who could care less if you can retire or not, as long as they have a comfortable retirement. By the time you make a few pennies off of your little investment(if you do), and it is taxed, you will be left with nothing extra to call it a bonus.

Answer 4

Raise the cap, look it's not a fair tax in the fact that a New York City Firefighter for example pays 6.8% since he or she makes less than 90K a year but for this argument let's call it 90K so they are paying $6120.00 in SS tax. Now lets look at Bill Gates tax rate he receives a million dollar salary from Microsoft and we'll just use that aside from other income streams, this means gates effectively pays just .00612% social security tax on his earning while the FF pays 6.8% wow what a fair tax system, just make EVERYONE pay the same percentage on all income and the system is solvent in pertuity

Answer 5

I agree that we should slightly raise the income limit, but social security will not be one of the top issues in next years elections. The Iraq war, the war against radicals Islamists, the economy, the illegal alien invasion, the Iranian situation will be the top issues. I don't think social securtiy will be in the top 5 issues.

My prediction: to fix social security, services will be cut in the future, and the income limits will be raised. We would be better off to fix social security by expanding the economy, balancing the budget and encouraging more exports of American goods

Answer 6

JUst stop the government from borrowing (stealing) from the Social Security "Trust Fund". This started with Reagan raiding it, and continues today. If the government were to pay back the IOU's it would be solvent for a long time.
Social Security has always run a surplus, paid for from payroll deduction. It's not paid by tax dollars, and shouldn't be touched.

Raising the income limit would also be a good idea.

Answer 7

relies upon do you have chose Social protection, or Social Welfare The cap is desperate on the top 5% of earners. No i do no longer elect to develop the cap. SS makes use of an regularly occurring to calculate advantages. SS advantages, human beings making 9k a three hundred and sixty 5 days get ninety%, 9-50k, 32%, 50-100k 15%. elevating it then returning pennies on the greenback is Welfare.

Answer 8

Do you really want your SS in the market? Remember the great depression, Black Monday or even last week?

The people who have you fooled in to believing that your money would be wise in the market are: Hedge Fund Managers, Brokers, Mutual Fund Mangers, and Investment Firms.
What do they all have in common? The make enough money to never worry if they get SS.

Answer 9

ALL income should be subjected to SS tax. Adjust the rate as appropriate.

If this happened (which it won't because the very wealthy OWN the government) there would be no so-called Social Security crisis.

Answer 10

This issue should not separate the two parties as both are effected together.Isn't the cap around $90,000 or more a year?

I have paid into SS since i was 14 and am getting ready to retire early.if I were to draw SS for the next 5o years i would not draw anything near what i have paid in.
Now if the younger generation wants to invest or put their money somewhere else i have no problem,but our right to draw SS until we die should never be taken away.We earned it.

Now if we can just keep future presidents out of the SS like they are supposed to there should be no problem. One can thank Clinton for dipping into SS to balance his budget.