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Re: Paul Ryan Apologizes for Calling Poor People "Takers"
No problem.
An entitlement is a government program guaranteeing access to some benefit by members of a specific group and based on established rights or by legislation. So is SS an entitlement? Absolutely it is.
A pension is a fund into which a sum of money is added during an employee's employment years, and from which payments are drawn to support the person's retirement from work in the form of periodic payments. So is SS a pension? Yes, it's a pension too.
It doesn't.
Changing the cap gradually and increasing benefits correspondingly (as has historically been done) does nothing to solve its funding problems, just inflation proofs them. To address the funding problems by adjusting the cap you'd have to raise it dramatically or even eliminate the cap without raising benefits correspondingly. This turns the program into welfare instead of a pension. This would accomplish long-term solvency, but it should come with a corresponding earnings history-based benefit cut to the older pensioners who benefited from an inadequate cap for years.
If you PAY INTO an old age pension system, it's an INSURANCE program, not an entitlement. It has nothing to do with my dislike of anything. Words have meanings, you can look this stuff up.
No problem.
An entitlement is a government program guaranteeing access to some benefit by members of a specific group and based on established rights or by legislation. So is SS an entitlement? Absolutely it is.
A pension is a fund into which a sum of money is added during an employee's employment years, and from which payments are drawn to support the person's retirement from work in the form of periodic payments. So is SS a pension? Yes, it's a pension too.
If it works like an insurance policy, it is one.
It doesn't.
Adjusting the top income cap is the recommended fix for Social Security.
Changing the cap gradually and increasing benefits correspondingly (as has historically been done) does nothing to solve its funding problems, just inflation proofs them. To address the funding problems by adjusting the cap you'd have to raise it dramatically or even eliminate the cap without raising benefits correspondingly. This turns the program into welfare instead of a pension. This would accomplish long-term solvency, but it should come with a corresponding earnings history-based benefit cut to the older pensioners who benefited from an inadequate cap for years.
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