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Thread: Social Security To Go Bust By 2030: CBO

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by AliHajiSheik View Post
    Which aspects of the deal regarding Social Security hasn't been changed, thus far? Ages have been increased, the program has been means tested, the amount of income taxable to Social Security has steadily increased. Any aspect of the program can be changed after the fact and not all of those changed thus far have been popular.
    There is a difference in tweaks and aborting the program.
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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by Samhain View Post
    If you remove the cap on FICA taxes without a corresponding benefit increase, you will depress potential GDP indefinitely.

    Doing what you suggest will trade "80% of this financial problem" with a whole new set of financial problems.
    How so? What evidence do you have of this claim? 93% of earners already pay tax on 100% of their income. How would simply extending that principle to the 7% that do not cause the damage you claim since 93% of Americans would not be adversely impacted or hurt by it?
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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by haymarket View Post
    There is a difference in tweaks and aborting the program.
    Agreed, but once a deal is broken, there is no end to where it can end up.

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by haymarket View Post
    How so? What evidence do you have of this claim? 93% of earners already pay tax on 100% of their income. How would simply extending that principle to the 7% that do not cause the damage you claim since 93% of Americans would not be adversely impacted or hurt by it?
    Without an increase in benefits, you are removing hundreds of billions per year from the economy that won't ever be spent. Again, you are "solving" on problem by creating more.

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by AliHajiSheik View Post
    Agreed, but once a deal is broken, there is no end to where it can end up.
    I have heard those who are opposed to SS make statements like that and they love to quote the Court ruling also. But both come up face to face against one giant Mt. everest neither can overcome - the will of the American people. The American people support SS and will not accept its demise no matter what lipstick is placed on that pig to disguise what it really is.
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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by Samhain View Post
    Without an increase in benefits, you are removing hundreds of billions per year from the economy that won't ever be spent. Again, you are "solving" on problem by creating more.
    What makes you think that money was going to be spent in the first place each year in the economy? I just do not see it in practical terms. And shoring up SS so it lasts and everyone benefits from it is in itself economic gain for all of us since it prevents the dire situations that would occur if SS collapsed or was ended.
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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by haymarket View Post
    What makes you think that money was going to be spent in the first place each year in the economy? I just do not see it in practical terms. And shoring up SS so it lasts and everyone benefits from it is in itself economic gain for all of us since it prevents the dire situations that would occur if SS collapsed or was ended.
    Didn't matter if it was going to be spent or not, taking it via taxes and sticking it in a drawer means it cannot be spent, hence a creation of a permanent annual depression in potential GDP.

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by haymarket View Post
    I have heard those who are opposed to SS make statements like that and they love to quote the Court ruling also. But both come up face to face against one giant Mt. everest neither can overcome - the will of the American people. The American people support SS and will not accept its demise no matter what lipstick is placed on that pig to disguise what it really is.
    I have no idea what you have heard and from whom so I can't discuss those points. The deal with me was broken back in 1983 when the retirement age was increased. It was broken again that year and in 1993 when it was decided that SS would likely be taxable when before it was not. Everything about SS can be changed and calling it a deal is an attempt to create guilt for trying to change. It is the politics of getting the most people to agree on a change which does make the change possible.

    There are plenty of people who had the deal change when more benefits were established with Social Security that go beyond those who earned 40 quarters. Was that deal breaking objectionable as well?

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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by Samhain View Post
    Didn't matter if it was going to be spent or not, taking it via taxes and sticking it in a drawer means it cannot be spent, hence a creation of a permanent annual depression in potential GDP.
    If your contention has any validity - it certainly does matter if the money would be spent or not since your argument is that "you are removing hundreds of billions per year from the economy that won't ever be spent". You have to demonstrate that it would be spent in the first place for your argument to have any validity.
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    Re: Social Security To Go Bust By 2030: CBO

    Quote Originally Posted by haymarket View Post
    If your contention has any validity - it certainly does matter if the money would be spent or not since your argument is that "you are removing hundreds of billions per year from the economy that won't ever be spent". You have to demonstrate that it would be spent in the first place for your argument to have any validity.
    Its not my contention, its basic economics. Please read up on potential GDP and its impact. The CBO and FRED have lots of documents and graphs pertaining to the subject.

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