Other (please elaborate)
I think that both of them are to blame, the democrats and republicans should compromise to find a solution fast.
That's a good, and interesting point. Except for the fact that many of those child services + education have gotten significantly more expensive in the last few decades, so while numbers may not be changing, costs are still rising. Besides, I don't see anyone propose we start cutting Headstart or education in the near future to push money into SS.
I'd much rather see the retirement age increased, and in the long term pegged to life expectancy.
Plenty of people who aren't in the top 1% can manage their own retirement. And how much of the fact that people aren't saving is the fault of social security? Regardless, SS would be a far better program if it was based on individual accounts which taught people how to save and invest their own money. But it seems recessions like 2008 always scare people off from saving, despite the fact that they are usually mere blimps in the long term, bigger picture.
I'm not in favor of it, because it completely eliminates the possibility of concierge medicine being available to the general public.
Its not the whole problem, but it does leave far less room for error and far greater consequences if it doesn't work out.
Congress has in fact established two federal civilian retirement systems, the older Civil Service Retirement System, and the newer Federal Employees Retirement System. Everyone hired in 1984 or later is in FERS. Those hired in 1983 or earlier would have begun their careers in CSRS. They were given the opportunity to elect FERS coverage instead when it became available, and that made sense for those with less than 5-7 years of service at the time.
CSRS employees pay 7% of their wages into the Civil Service Retirement Fund. They may also pay up to 5% into the Thrift Savings Plan (a 401-k equivalent) but with no employer matching. CSRS employees are eligible to retire once they are both 55 years of age and have 30 years of federal service. At that point their pensions would equal 56% of the average of their three highest years of earnings. They can accrue an additional 2% per year by continuing to work, up to a maximum of 80% at 42 years of service. CSRS employees do not contribute to Social Security and hence are not eligible for a pension benefit.
FERS employees pay 6.2% of their wages into Social Security and 0.8% into the Civil Service Retirement Fund. They may also pay up to 5% into the Thrift Savings Plan with full employer matching. FERS employees are eligible to retire once they are both 55-57 years of age (depending on year of birth) and have 30 years of federal service. At that point their pensions would equal 30% of the average of their three highest years of earnings. They can accrue an additional 1% per year by continuing to work, but if they work to at least age 62, all those 1%'s become 1.1%, so most people do that. FERS employees retire with their FERS pensions, a standard Social Security pension, plus whatever they have managed to make out of their TSP/401-k accounts.
The median federal retiree has worked four years beyond eligibility at the time he or she actually retires. One in four has worked at least nine years past eligibiltiy. Some people do of course retire at 55/30 and return to the private sector where they can often command higher wages and earn credits toward a Social Security pension. Those who receive both a federal pension and a Social Security pension based on private sector credits face rather stiff reductions in their SS benefits on the grounds that this is some sort of double-dipping.
In addition to the standard 55/30, retirement is possible at 60/20 and 65/5. These are uncommon and of course result in smaller pensions.
The information above does not apply to the military, and it does not apply either to certain foreign service and intelligence service employees who have similar but somewhat more generous retirement systems owing to the risks and hardships their work typically entails.
And again, putting faith in the trustees' projected 2.1 number is putting faith in a projection of flat and declining immigration going forward, even though the retirement of the baby boomers will be creating increasing demand in the personal and health services industries that immigrants dominate.
You have now saved me an unknown amount of time in writing counters, since you have so thoroughly shot your own stance in the foot. No further need for me to argue anything.
Be sure to work hard and get lots of overtime. People on welfare want more steaks and free upgrades to smart phones with unlimited data packages.
I guess you really can learn from your mistakes. Obama got his clock cleaned and had to back down in the last two budgets over extending the debt ceiling. Now he is not playing that same weak role any longer apparently empowered by he election results.
The GOP will take the hit.
There are two novels that can change a bookish fourteen-year old's life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy that often engenders a lifelong obsession with its unbelievable heroes, leading to an emotionally stunted, socially crippled adulthood, unable to deal with the real world. The other, of course, involves orcs.... John Rogers