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View Diary: Insolvency, tax cuts, military spending and social security (188 comments)

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  •  Drum is not completely off base (0+ / 0-)

    It is perfectly true if we do nothing benefits will be cut dramatically. And so far we are doing nothing. Nothing is far from the only choice, but it is all we have so far. Waiting does not make the problem better either, since we are effectively under-funding future benefits. A last-minute bailout would be very expensive and unlikely to happen IMO.

    I do however reject the meme that we must cut benefits. I'd really like to see a proposal to pay for current benefit levels, indefinitely, but we don't have and won't get that in the current Congress, or likely the next one.

    •  I quoted the part (8+ / 0-)

      I had a problem with.

      I think you make my point frankly.

    •  Simple Way to Fund SS Benefits Forever (17+ / 0-)

      Remove the cap on income subject to FICA taxes completely -- invoke the Buffet Rule on Payroll Taxes as well as Income Tax.

      Want even more money for Social Security? Make ALL income (including investments) subject to the FICA tax.

      As for Medicare, expand it to the entire US population, and have everyone pay the same premium that senior citizens pay.

      •  A transaction tax on shares traded and investments (3+ / 0-)
        Recommended by:
        divineorder, ozsea1, Kitsap River

        sold could help immensely as well.  Use some of that to increase the financial investigating teeth in the SEC, DoJ, FBI, etc. Use the rest to offset some of the federal taxation loads on working and middle class wage-earners.  Keep the Social Security & Medicare taxes, but eliminate income caps or set them to $250000 or higher.  

        I recall 2008 when $5 million income was the amount John McCain said represented the average income of a true middle class American...let's agree with Republican leaders like John McCain that this income level is certainly the ideal and representative income level of the real middle class America they are representing, and have Congress amend and set the income caps quite fairly at that.  Surely those enriched by their efforts and luck in this land of opportunity have the means to shoulder this future ensuring tax increase to strengthen our present and future Social Security and Medicare programs beyond the point where their futures could again be questioned.  Isn't that national peace of mind worth a little sacrifice now?  As long as austerity concerns are so profound a concern?  Americans having a secure retirement they can count on will be prepare to retire at a reasonable age, and release their good paying jobs to the younger generations, and start spending on all the stuff retirees like to buy, like food, drugs, and maybe even including some fun stuff for grandchildren.

        When life gives you wingnuts, make wingnut butter!

        by antirove on Tue Apr 24, 2012 at 10:26:57 AM PDT

        [ Parent ]

    •  but (1+ / 0-)
      Recommended by:
      bryduck
      we are effectively under-funding future benefits.
      So?  Benefits aren't supposed to be pre-funded.

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