A cut in the 15.3% Social Security and Medicare payroll tax, the major revenue stream for these programs that are already headed for insolvency within the next several years, is being touted by some as a way to “stimulate” the economy. What are YOUR thoughts?
WHAT DOES IT REALLY MATTER ?
Congress will continue to kick the can down the road of insolvency these social programs are
already on until the inevitable occurs.
The state of fiscal distress we now find ourselves in serves only to shorten that road.
*
You can ignore the consequences but you can not ignore the consequences of ignoring the consequences.
GBA/KAG #TRUMPUP2020 – Deus Vult !
NO CUT NOW. BEST SAID BY OTHERS THIS IS NOT TO HURT THE ELDERLY.PAYROLL TAXES ARE DIFFERENT THAN SAVINGS. SOCIAL SECURITY IS A SAVINGS ACCOUNT FOR SENIORS WHO PAID INTO IT OVER THE YEARS. OUR EMPLOYERS PAID TOWARD OUR RETIREMENT ACCOUNT AND WAS CONSIDERED PART OF OUR WAGE.
Since neither the vast majority of the Republicans nor the Democrats in Congress have voiced any real support for a temporary payroll tax cut to stimulate the economy after the Chinese virus attack on the world, the chance of getting Congressional support to pass such a bill is effectively ZERO. So while the President may continue to push the idea, as part of several other options being discussed, the chance for enactment of a temporary payroll tax cut remains ZERO.
As for the looming insolvency of first SS and then a few years later Medicare, well that issue has been ignored by for decades now. So I see no real interest from any majority of politicians, from either party in Washington, towards actively doing the kinds of significant reforms necessary to either program to put them on a more stable and sustainable footing for the long-term. All we are going to hear from Congress on the issue is more talk, but NO ACTION. Their very, very good at that and it seems most people think empty talk is somehow “doing something about the problem”. So nothing will actually be done to address the problem.
Most politicians in Washington seem to have the view that their job is to kick the can down the road until it becomes someone else’s problem. Meaning whichever future politicians happen to be in Congress come 2031, 2033 or whenever the two programs actually fiscally implode upon themselves and go broke. That is just reality folks. So simply prepare yourselves ahead of time for that eventuality.
The best way to help the situation is to allow people to get back to business, doing it safely and responsibly, as expeditiously as possible.
If government would deal with the misuse of tax dollars that will resolve much waste.
Eliminate Social Security and Medicare for Illegals.
As usual the millionaire’s and billionaire’s in DC want to screw over the hard working citizen’s that pay their wages! Fools!
The best way to stimulate the economy isto put on a mask and get to hell back to work!
Fauci is a con artist and must be fired! He’s from the Obama administration and is part of the swamp. He is not helping America get back to work but making us weak for China to take over! He must go! He is part of the problem! We don’t need a vaccine! HYDROXY CLOROQUINE is a proven effective treatment! We don’t need to be spinning our wheels while he and others make money off lying to us! This has to stop now!
Just stop using our social security for your personal piggy bank unless your going to share your retirement money with us seniors.
It’s time for the useless democrats in the house to do their job!
3-1/2 years of lies, attempts to derail Our President , fabrication of stories, poisoning of our press, look at the absolute attempts to RUIN America.
These evil , corrupt , establishment politicians need to he Removed from office.
WAKE UP AMERICA – SAVE THIS COUNTRY
Let’s REFUSE TO PAY Congress until they begin to work FOR American Citizens!
The only thing this would achieve would be to speed up the insolvency of these programs. First, cut the waste in not only these but all government programs. I saw where stimulus checks were mailed to deceased people and foreign workers. Now the IRS is asking them to return the checks. Just an example of government waste and poor management. The checks to deceased actually had, Dec after the person name on the envelope. If they want to help, stop taxing seniors on their SS Benefit. More money in the economy by cutting waste is what we need.
The government just needs to step back and get out of the way and let Americans be their usual hardworking and innovative selves. The government, especially most state governors, are not the solution, but the problem.
Ha…best way to eliminate waste is to get rid of the useless career politicians who have never had a REAL job and to stop spending BILLIONS on illegals!
Our government, at every level, is top heavy w/ gov’t employees-we could cut a lot of waste by eliminating 1/3 of them.
Cut out Pelosi’s pork barrel monies for the next three trillion stimulus package and you would have enough to fund social security and medicare! Better yet, vote her out of office!!!
Historically, the government has never truly helped the economy. The best thing they can do is stay to hell out of the way. Cut regulations instead of taxes. That doesn’t cost anything. In fact, it probably saves money. Put another way: Let business do business.
This has always been a topic of discussion . The fact remains that the federal government has been dipping into SS back to the mid 60’s . (you can thank President Johnson when it went from being an individual account to a general fund) This is what broke S.S. .Its being used for everything except what it was intended for. So the elderly are always being portrayed as the( burden) when in fact the burden or mismanagement comes directly from the Federal Government . This is why they keep raising the age of retirement and threatening to cut funding. Its obvious they point there finger directly at the person they are sworn to serve .
They need to leave Social security alone, Everytime they touch it, it gets worse.
There are huge areas of government spending that should be cut. Let’s elect some adults to Congress who will work with the President to slice and dice federal spending. The best way to reboot the economy would be to allow workers to keep more of what they earn.
How about just allowing QUALIFIED AMERICANS, ONLY as originally established, and who actually EARNED IT, collect Social Security and use Medicare!
Quit robbing the Social Security fund and the problem will take care of its self.
Its time to re-start the Civilian Construction Corps of yesteryear. Put the people back to work rebuilding the infrastructure of this great land.
Just more stupidity.
Let’s add up the moneys leaving our shores and cut that.
SS was initially set up as a trust fund for American workers and their spouses, because at the time there was no other retirement programs established and the majority put off saving for retirement until it was too late. Further, life expectancy was lengthening and the elderly who used to be taken care of by their children were beginning to become a burden. Had the fund continued to be properly managed with investments and then in 1965 had the funds stolen by Johnson to create welfare to secure the black vote “for the next 200 years” as he put it, there would not have been any need for our elected employees to change the format to determine the COLA in a jaded formula designed to minimize the annual increase in benefits, there would be no crises. Now we are in a crises, but what is the solution provided by our democrap elected employees??? Why, of course, solicit more votes by providing assistance to all the illegals they are inviting here. So, if we would stop sending money to other countries, most of which is going directly into the pockets of the foreign counterparts of our elected employees, and put that money into OUR retirement fund and manage it once again like a trust fund, and pay benefits to only those who pay into it and go back to a proper formula to determine the COLA, there would be no SS financial problem, especially if we get our manufacturing back here like our President Trump is trying to do, so there would actually be Americans earning wages and contributing to the SS fund. Simple isn’t it???
I’m sure there are many areas of government spending that can be cut, including Congressional salaries. Cutting other areas of government spending to lower taxes for businesses would take more work to execute but would be far more beneficial to our country. It’s time for our government to make and live on a budget!
Opening up the country would stimulate the economy in the beat way. America does not have an ever bearing money tree. Our children and grand children will be in debt for these handouts / cuts for years to come.
Social security should not be taxed in the first place. Nor should social security payroll deductions be used for ANYTHING other than funding social security. Repeal the laws that caused this fiasco during the Johnson and Clinton administrations.
How about if we just cut ALL government workers to half salary. That would help a lot. There is such a disconnect between the government elite and the rest of us. I don’t notice any of these congressional people offering up any of their salaries or perqs to help out. It’s ok with them that we can’t make a living as long as they don’t have to suffer.
The idea of reducing the payroll tax for SS and Medicare is insane. Those rates should be increased. I am almost 85 years old with a Marine Corps pension after 20 years service, with disability. Social Security as a hedge for retirement will be a bitter dissappointment for those who have no idea of saving/investing money for retirement. And most Americans fit into that category. It is going to be very messy in the very near future.
The only way to stop this madness is an all encompassing Revolution..sea to sea !
If this had been about five years before I was born and I had known what I do now about this whole thing, I would say that I would handle my own money when I aged. Instead, this government overreach that was foisted somehow on those of us who are now around today to “benefit” (wrong word, but the only one I can think of here) from it today would never have gotten my vote. We have been caught in a government trap ever since the days of FDR’s programs to get the country back on track where it needed to be. Every time in history that things have been left alone long enough for people to use their own brains, problems / crises like this have eventually worked out. What got us out of the Great Depression in reality was more a war than any stimulus package. The trouble is that we were focused for the next several years on physical threat and while that was happening we sold ourselves out to the government. We are still in bondage.
Idea, stop all congressional investigations and put all that money in to saving SS. Stop giving benefits to people who has never paid in to the program. Since congress isn’t in DC dooming their jobs, cut their pay or better yet donate their salaries to their states like the president does!
If Congress & Senate replace the money taken from social security to fund the Vietnam conflict we might! be able to Do that. I don’t think the retired should give up the money that they put toward their retirement.
Take the money from support of UN, WHO and other international, Anti-American entities!
Leave Social Security alone. Do not let this virus be the excuse for depleting the program. The better things to do would be to provide Social Security only to U.S. citizens, and to help businesses safely reopen … make clear safety guidelines easily accessible on the web and provide no-cost or low-cost safety kits to small businesses (less than 50 employees) to prevent them from closing permanently.
For many of our citizens SS is there only income and to cut by more than 15% because the Dems want to keep wasting money – is wrong .We do not want to live in Socialized country .We earned the SS that they want to take away from us – and give money to illegals and other wasteful spending .
Send Pelosi and Dr False-e to China. That is the best way to stimulate the economy. Be sure it is a one way ticket!!
I believe everyone holding a Federal Job (including those in Washington D.C.) should pay into social security and medicare. No special government retirements for those in government jobs. The social security should be placed in its own account and make it a criminal offense if government borrows from it. Social Security should be just that, not to be taken out for disability and death benefits. To me those are not part of Social Security. You can buy extra insurance for these.
Adam Schiff, Nancy Pelosi, Gerry Nadler, Chuck Schumer, AOC, Omar, and the rest of the Democrats jump into a volcano.
The drought ends and the crops grow.
The government needs to pay back all the money they “borrowed” to Social Security that people like me have worked all my life for so that I would have a future when I retired!! They flat stole from us and now it’s in danger of depleting?! I’m outraged to put it mildly! I’m 64 and STILL working because I can’t afford to quit! And while they’re repaying the fund, form a task force to go after those sloths that claim they have a disability and can’t or have never worked paid into it, off it!! I’m sick to death of breaking my back for slackers, parasites and illegals to have a better life!!!
Eliminate Social Security for all. I could attain well over 1.3 milion dollars while only getting minimum wage my entire life in a privatized system.
I paid into them for 50 + years. Social Security was started as a supplement to an individuals retirement program. Over years Democrats have added other social programs to it that they couldn’t get passed in their welfare programs. Retirement age should be extended, in proportion to the lifespan increase.
Oppose! For the insolvency reasons already raised & unless we can have a President with Trumps ‘mind set’ for the next 40 years it will never be paid back.
Seniors have worked to long and hard for these benefits, do not lose them. Some of us thanks to President Reagan only get 40% of what we put in the system as it is.
You wants cuts, you want to help the national debt, reduce the pay for congress by 45%, cut their staffs by 25%. Next hit up the IRS, NASA, CDC, Stop paying the UN and W.H.O and stop paying planned parenthood.
Now that is a stimulating thought!
Why do they always want to take money from the Medicare & Social Security funds? Since Congress doesn’t work bit a few months out of the year, why not pay them on a work related basis and put the rest of their salary into the economy.
The best way to stimulate the economy is to eliminate the lockdown and let people get back to work, and those on unemployment who refuse to return to work should have their checks stopped immediately.
If SS and Medicare and Medicaid are actually fixed, they would not be heading toward disaster. Pumping more money into them will not fix something that is not functioning improperly. Social Security needs to be invested in the market, not in high risk investments but low to moderate risk investments. Since 1916 the stock market has averaged over 10% returns. That includes the Great Depression, and every recession since. Yes there are down periods, but none of them has eliminated the gains from prior years permanently. If from its inception the funds collected by SS had been invested in this way, the system would have enormous surpluses now. Medicare and Medicaid are equally poorly managed. Unfortunately, every bill to fund these programs is loaded with items not related to the programs. Although both parties have a hand in this, it is by far predominately done by the left. These programs, along with SS, are based on socialist ideals. The leftists have always viewed the initiation of SS as the first step toward a socialist state. Look at the COVID-19 bills being passed by the democrat run House. In the TRILLIONS. They are bankrupting our nation to bring in a socialist revolution and leveraging yet another crisis to do so, just like they used the depression of the 30’s to bring in SS. After all, its now a democrat credo, “Don’t let a good crisis go to waste.”
Social Security needs to monitor and procecute fraud, and means test benefits. Multi -millionaires do not need government hand outs. This is another faulty Democrat promise.