Raise taxes on younger workers to support SS benefits

15,680 Views | 262 Replies | Last: 2 days ago by P.H. Dexippus
Kvetch
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AG
I'm fine with this if they pay off my house that I won't be able to afford with the 70% tax rate necessary to prop up their payments.

Otherwise, they can piss off. If you relied on SS for retirement instead of saving, you deserve to have to keep working. SS is a boil on the ass of America.
KerrAg76
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No Spin Ag said:

Logos Stick said:

This chart is from a CATO poll where 89% of folks 65+ favor raising taxes on younger workers to protect SS benefits rather than cutting them. Given the breakdown of other age groups, taxes are most likely going to be raised.

Based on latest projection, the SS trust fund will be depleted one year earlier: fourth quarter of 2032. The money is all gone anyway, but that is the first year that SS will have a deficit and pay out more than it has taken in during it's existence.




This sounds like rage bait for people to go after the Boomers.

Not that anyone under the age of geriatric needs a reason to go after Boomers, but still.

Bingo, spot on ….given a yes/no question like that and look at the pattern of answers is exactly what you would expect
txwxman
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Boomers saying boomer things
infinity ag
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Logos Stick said:

This chart is from a CATO poll where 89% of folks 65+ favor raising taxes on younger workers to protect SS benefits rather than cutting them. Given the breakdown of other age groups, taxes are most likely going to be raised.

Based on latest projection, the SS trust fund will be depleted one year earlier: fourth quarter of 2032. The money is all gone anyway, but that is the first year that SS will have a deficit and pay out more than it has taken in during it's existence.





The boomers/olds now want the young kids to pay for their relaxed golfing lifestyle after screwing up the country by selling out manufacturing and tech to other countries and recommending that kids today take up HVAC and plumber jobs.
Maybe India and China should pay for social security.

How convenient.

Boomers keep endearing themselves to everyone as the days go by.
Exposing Hypocrisy - one CEO at a time
UTExan
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I totally understand how SS started under the New Deal with an underdeveloped regulation system for the stock market. People lost everything because investing was not sophisticated enough to include the types of diversified portfolios and opportunities we have today.
But this is the age of enormous opportunities for growth and building of generational wealth through the market system with the help of a capable financial advisor. Example: the US Postal Service retirement system was cited in a Washington Post article this past winter as being part of the reason for rising USPS costs. If that system had been allowed to invest in the market, as other pension systems do, it would have been fully funded with a surplus.
We need to have ability to both insure a floor for citizens, but also to educate them financially at every stage of life to insure they save and invest for retirement.
Signed-
A retiree.
“If you’re going to have crime it should at least be organized crime”
-Havelock Vetinari
lobopride
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I find it humorous that some on here blame politicians. Who is electing the politicians?
Lathspell
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Doesn't matter. It will all collapse. A smaller population cannot maintain a larger population.
infinity ag
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Old_Ag_91 said:

Ive paid into it all my life and I say it needs to be abolished. At least that will stop some of the foolishness in the government trying to use as their slush fund.


I am all for abolishing but many have paid into it for decades and they are gonna be pissed. I have many friends in nice houses now realizing they don't have much money net worth, so they are relying on SS in the future.

I think it is time to tax foreign countries for the pleasure of doing business with us.
Exposing Hypocrisy - one CEO at a time
BuddysBud
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AG
lobopride said:

I find it humorous that some on here blame politicians. Who is electing the politicians?


If you actually read the posts, you'll see more blaming those electing the politicians and blaming the politicians directly. I believe this observation cuts across all generations.
policywonk98
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Ervin Burrell said:

zephyr88 said:

Misdirected... the boomers didn't do anything other than take the draws they were promised.

The folks who failed you (and the rest of us) are the elected ass-hats in Washington.

Which generation is most responsible for electing said asshats?


Moving the needle away from established entitlements is very difficult. It's takes a level of radical devotion that change and growth in numbers that conservatives have never been able to sustain and libertarians have never seen fit to set aside their ideological purity to help create more incremental victories than we've had the last 50 years.

Social Security, Medicare, and all 1960s War on Poverty programs were voted into existence by politicians voted into office by the Lost Generation in response to the Great Depression(SS&Medicare) and the aging Lost Generation and their Greatest Generation children voted for the war on poverty programs of the 1960. None of these programs were voted into existence by the Boomers. The oldest boomers didn't reach voting age until right until he middle of LBJ war on poverty.

It was the Boomer Generation that had a high percentage of its cohort break ranks from their Democrat FDR loving parents during the rise of the Reagan Revolution against the establishment blue blood GOP in the 1970s and 1980s. The same generations that pushed the GOP into the majority in the house in 1994, which brought about accountability against the excesses of Clinton and the democrats and created while modest by my preferences, still real roll backs in poverty fighting programs and the size of government.

A very large contingent of the Boomer generation, those that bucked the system to create the Reagan Revolution, that had grown disenchanted with some of the compromises of the Reagan administrations including Bush 41, again went in a different direction in 1992 and 1996 to vote for an outsider billionaire candidate talking about the American worker and creating an economy and government for American workers and not migrants. A candidate that talked about the excesses of both parties and the size of government. He created a third party called the Reform Party and its brief rise in popularity sent shock waves across the GOP especially. Perot and the Reform Parry did better than any third party since Teddies Bull Moose Party because of Boomer support.

That Boomer support would be behind the rise of the Tea Party. Again, a shock to the system to the GOP, trying to push them back to the basic tenets of smaller government and fight more against the rise of a more radical form of progressivism ushered in by Obama.

Enter Trump. A person that toyed with running as a Reform Party candidate in the 1990. Was one of the most well known Boomers of his generation. The poster boy of 1980s wealth. He wrote at least one book in the early 2000s which was essentially the Reform Party platform and is largely the same platform he operates from today.

Again, now almost fully in retirement age. A high percentage of the Boomer generation was the single largest voting block for the most outsider presidential candidate in American history. A candidate running on a modified platform that has been around since 1992 that pushes back against almost all of the things some of you around here blame on the Boomers.

I can assure you, if Gen X had followed more of this contingent of Boomers lead back in 1992 and through today and the Rest modest Gen X and the youngest Boomers had not raised a bunch of knucklehead Millennials, the political landscape and momentum for a smaller government would be much different in the last 25 years than it has been.

So in Summary, there is a lot of blame to spread around to generations born from 1885-2000. There is a very high percentage of Boomers that are owed a thank you by anyone in the younger generations like myself, for leading the charge on the idea of smaller less intrusive government, trade policies that benefit the American worker and middle class, tax policy that benefits all of us, immigration policy that puts the American worker first.

And I will throw this one in for good measure even though I'm not a big fan of what it had become, the reality is that Alternate forms of media to push back against the highly progressive mainstream media, starting with Limbaugh(a boomer) and AM talk radio to Fox News, to all the various alt media platforms today. None of it would exist without the Boomers hunger for alternates starting in the mid 1980s and moving forward.

So yeah, other than all that. Boomers stink.
MouthBQ98
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AG
Also, consider this: those who have contributed for decades and have not yet received SS not only have paid that tax but also forfeited the growth on it were it saved and even modestly invested.

The Dems ridiculed Bush for his privatization proposal and blocked it, and condemned almost all of us to be poorer than we otherwise would be in retirement only so they could more directly control the funds and distribution and use it as a political cudgel.
one safe place
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We are already overdrawn. We don't take in enough revenue now to pay for our defense budget, giveaway programs, interest on the debt, and the other areas of the budget. We deficit spend. We have done so for 46 of the last 50 years. We will continue to do so with Social Security. Benefits won't be cut, politicians like being re-elected. We will add to the debt, just like we have for decades.
jeremy
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AG
Give every citizen a check totalling exactly what they paid into it to date.

Then: burn. it. Down!
No Spin Ag
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jeremy said:

Give every citizen a check totalling exactly what they paid into it to date.

Then: burn. it. Down!


So. Much. This.
There are in fact two things, science and opinion; the former begets knowledge, the later ignorance. Hippocrates
No Spin Ag
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Lathspell said:

Doesn't matter. It will all collapse. A smaller population cannot maintain a larger population.


And we'll all be long gone before that happens.

Sucks to be them.
There are in fact two things, science and opinion; the former begets knowledge, the later ignorance. Hippocrates
Burpelson
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Paid what i put in plus 10% growth compounded over time and we good!
Logos Stick
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infinity ag said:

Logos Stick said:

This chart is from a CATO poll where 89% of folks 65+ favor raising taxes on younger workers to protect SS benefits rather than cutting them. Given the breakdown of other age groups, taxes are most likely going to be raised.

Based on latest projection, the SS trust fund will be depleted one year earlier: fourth quarter of 2032. The money is all gone anyway, but that is the first year that SS will have a deficit and pay out more than it has taken in during it's existence.





The boomers/olds now want the young kids to pay for their relaxed golfing lifestyle after screwing up the country by selling out manufacturing and tech to other countries and recommending that kids today take up HVAC and plumber jobs.
Maybe India and China should pay for social security.

How convenient.

Boomers keep endearing themselves to everyone as the days go by.



Gen X and Y also want to raise taxes on younger workers to pay for SS bennies. That yellow bar is those in favor:


--- Note: this post is not a troll post, it is my genuine opinion.
BuddysBud
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infinity ag said:

Logos Stick said:

This chart is from a CATO poll where 89% of folks 65+ favor raising taxes on younger workers to protect SS benefits rather than cutting them. Given the breakdown of other age groups, taxes are most likely going to be raised.

Based on latest projection, the SS trust fund will be depleted one year earlier: fourth quarter of 2032. The money is all gone anyway, but that is the first year that SS will have a deficit and pay out more than it has taken in during it's existence.





The boomers/olds now want the young kids to pay for their relaxed golfing lifestyle after screwing up the country by selling out manufacturing and tech to other countries and recommending that kids today take up HVAC and plumber jobs.
Maybe India and China should pay for social security.

How convenient.

Boomers keep endearing themselves to everyone as the days go by.


Keep falling for the rage bait.

Of course, Boomers had to pay for their predecessors' golf games by paying SS taxes and invested in 401k's and IRA accounts for their own retirement. GenZ's complain about their "difficult" lives as their Boomer parents pay for their grown children's iPhone-300x on which they are complaining on social media, and their $5.00 Starbucks iced latte, and their Lexus sports car. Their Boomer parents suggest being a plumber because the kids can't find a $250,000 job worthy of the social development degree that their Boomer parents paid for. All the Boomer parents got from the degree was children who learned to hate their elders and continuously complain as they still live with their parents and demand that their parents buy only the most expensive things for them. With a plumbing job, perhaps the kids could afford to move out of their parents' house so they can enjoy their hard earned SS income in peace.
policywonk98
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one safe place said:

We are already overdrawn. We don't take in enough revenue now to pay for our defense budget, giveaway programs, interest on the debt, and the other areas of the budget. We deficit spend. We have done so for 46 of the last 50 years. We will continue to do so with Social Security. Benefits won't be cut, politicians like being re-elected. We will add to the debt, just like we have for decades.


Our numbers may end up being too small but Gen X is actually cynical enough as a generation to vote against its own "interests" if that makes any sense. But because of our size we would need enough millinials and Z to build a coalition to finally tackle massive New Deal era program reforms. Leaning into this cynicism a bit. If Gen X leaned into the Millinials disdain for older generations and showed them how screwed they will be if we keep riding this train, they would likely be more open to reforms.

Obviously there is the whole rise of open Marxism on the Democrat side of the aisle. So it's going to be lots of hard work. Have to capture the hearts and minds of Latino community. Which as an aside, watches UFC sports at a much higher rate than any other American sport. Just an interesting thing to note if people are distracted into thinking Pro-America UFC fights on the whitehouse lawn are only about macho egos of the current resident of the west wing.







Martin Cash
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If you want to blame someone, blame the Greatest Generation. In the 60's the trust fund was flush and they started raiding it to fund their pet project. In the mid 80's it was on course to go broke, so they raised the retirement age and raised taxes on guess who? The boomers. That bought 40 years and here we are again.
AtlAg05
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To get things "right" would require a sacrifice for every group. Starting anywhere else will get us no where.

It would be career ending for politicians, which would just get people elected saying the opposite. Then leading to eliminate whatever progress was made.

For now it's impossible, just for the mere fact people can't even agree that there's a problem in the first place. Until that changes, it's just a quirky political platform.
Sgt. Schultz
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Ervin Burrell said:

Boomers, the most selfish and entitled generation of all time, are acting selfish and entitled? No way.

Easy there trigger. I am a boomer and this poll is bull***** I do not know anyone that thinks like this.

Truth be told, I think SS needs to be phased out altogether. The US govt has proven for generations that they cannot keep their hands out of it for their "programs." It would be far cheaper for the US government to issue 1 time checks to folks and pay them off with a return of their SS contributions + a market based return on investment. Afterwards, you keep your paycheck. There is no SS tax.
Iced-T14
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AG
The "ME" generation living up to their name
infinity ag
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jeremy said:

Give every citizen a check totalling exactly what they paid into it to date.

Then: burn. it. Down!


I am on board, but I doubt if this ponzi scheme has enough money to do so. But maybe they can start with the earliers payers and clear their dues.
Exposing Hypocrisy - one CEO at a time
infinity ag
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Martin Cash said:

If you want to blame someone, blame the Greatest Generation. In the 60's the trust fund was flush and they started raiding it to fund their pet project. In the mid 80's it was on course to go broke, so they raised the retirement age and raised taxes on guess who? The boomers. That bought 40 years and here we are again.



Time to rename this gen to "Not-So-Great Generation".
Exposing Hypocrisy - one CEO at a time
infinity ag
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Sgt. Schultz said:

Ervin Burrell said:

Boomers, the most selfish and entitled generation of all time, are acting selfish and entitled? No way.

Easy there trigger. I am a boomer and this poll is bull***** I do not know anyone that thinks like this.

Truth be told, I think SS needs to be phased out altogether. The US govt has proven for generations that they cannot keep their hands out of it for their "programs." It would be far cheaper for the US government to issue 1 time checks to folks and pay them off with a return of their SS contributions + a market based return on investment. Afterwards, you keep your paycheck. There is no SS tax.


What about interest????

The money I paid in 1999 would have gathered enough interest by now. $1000 is no longer just $1000 in today's money.

So can't get away by just totaling up whatever people put in and saying goodbye. Even IRS charges interest on a daily basis for estimated taxes not paid on time.
Exposing Hypocrisy - one CEO at a time
DonHenley
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Sounds like a boomer problem. They made the mess, they can fix it.
Science Denier
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AG
Option 1: Do away with SS. Pay everyone every dime they paid in plus 4% per year compounded interest.
Option 2: Keep SS and keep paying those that have already paid for their share.

Option 1 will cost trillions right now, but won't cost any in the future.
LOL OLD
Tex117
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PaulsBunions said:

Lol so the olds bankrupted the country by electing fiscally irresponsible politicians and now want more gibs from young people?

Exactly this.

AND moreover, not to mention the insane propping up of asset prices during Covid with printing money. And the insane increase in education. Not to mention that grade school kids are testing lower than ever. The definition of pulling up the ladder behind them.

And then, in the same breath, tell those young people they aren't working hard enough.
Jarrin Jay
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AG
SS is a Ponzi scheme that needs to be abolished. Set a date of 1/1/XX, no more deductions after that date, pay out all existing obligations in 20 quarterly increments over 5 years. If < 25 and have not contributed X amount you get a single lump sum. Be done with it. It may require some borrowing but will be a net cost saving in probably 10-12 years.

I wouldn't mind an elective federal 401K that invests strictly in US Treasuries, to give those without 401K options a place to save for retirement. But that should be administered and managed by private companies like IRA and 529 plans.

The government has no business making people save for retirement, paying people in retirement, or taking care of people at all, retirement or not.

Then we can get started on Medicare…..
Logos Stick
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Sgt. Schultz said:

Ervin Burrell said:

Boomers, the most selfish and entitled generation of all time, are acting selfish and entitled? No way.

Easy there trigger. I am a boomer and this poll is bull***** I do not know anyone that thinks like this.

Truth be told, I think SS needs to be phased out altogether. The US govt has proven for generations that they cannot keep their hands out of it for their "programs." It would be far cheaper for the US government to issue 1 time checks to folks and pay them off with a return of their SS contributions + a market based return on investment. Afterwards, you keep your paycheck. There is no SS tax.


I think the poll is spot on.

There is a very large percentage of Boomers who live on nothing but SS and Medicare. They have no pension, no savings and no wealth outside the equity in their home.
Jarrin Jay
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AG
F them. That was their choice and they can live with the consequences. They can continue to work or rely on family, friends. Church, community for support, not $$ from my paycheck.
Logos Stick
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Well, they have the numbers. Add in strong support from Gen X/Y and taxes are going to be raised to pay for SS.

btw, SS for fiscal year 2025 was $1.6 trillion. Interest on the debt now stands at almost $1.3 trillion per year. There is a reckoning coming.
Over_ed
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AG
infinity ag said:

Old_Ag_91 said:

Ive paid into it all my life and I say it needs to be abolished. At least that will stop some of the foolishness in the government trying to use as their slush fund.


I am all for abolishing but many have paid into it for decades and they are gonna be pissed. I have many friends in nice houses now realizing they don't have much money net worth, so they are relying on SS in the future.

I think it is time to tax foreign countries for the pleasure of doing business with us.

So, like tariffs? With the important exception that everyone pays something, about the worst thing a country can do for long term economic prosperity. It rewards the inefficient.
Teslag
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jeremy said:

Give every citizen a check totalling exactly what they paid into it to date.

Then: burn. it. Down!


They deserve interest as well.
 
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