A large majority of older Americans depend on Social Security income (SSI) as their majority income source! This allows them to be better quality customers/clients/consumers/citizens.
Currently Social Security is considered a pension and benefit program that is causing difficulties in creating a solution and public understanding. Social Security is NOT an actuarial pension system! It is a recirculation-tax and transfer system. SSI takes from the workers making about $118,500 or less (this figure goes up every year) and their employers match this amount. This pay roll tax is a regressive tax, not a progressive one.
Therefore, this payroll revenue should not be in a separate box. The revenue should be within the overall budget and collected …show more content…
Social Security should benefit the lower income workers, the more occupationally hazardous workers, and the medically impaired workers more than others!
The Social Security age should be lowered to age 60. Workers who have difficult jobs or in poor health (not just the severely disabled) can start earlier. This system can be based on a non-ridged/liberal basis so workers can start collecting early based on occupational verification and medical history review. Yes, there will be some who will take advantage but most will need it. Those of us who sit in an office and are healthy and still working will not be able to collect at all until al least age 70 as it was until the 1990’s.
Social Security income can still be reduced for earlier retirement and the less one pays into the system, but it would be much better macro economically if the payouts are closer to parity. A poorer worker needs the money substantially more than a wealthy worker. This solution would help more workers than our current system and with more deserving workers having more for consumption activities; it would substantially increase the stimulation of the
Currently Social Security is considered a pension and benefit program that is causing difficulties in creating a solution and public understanding. Social Security is NOT an actuarial pension system! It is a recirculation-tax and transfer system. SSI takes from the workers making about $118,500 or less (this figure goes up every year) and their employers match this amount. This pay roll tax is a regressive tax, not a progressive one.
Therefore, this payroll revenue should not be in a separate box. The revenue should be within the overall budget and collected …show more content…
Social Security should benefit the lower income workers, the more occupationally hazardous workers, and the medically impaired workers more than others!
The Social Security age should be lowered to age 60. Workers who have difficult jobs or in poor health (not just the severely disabled) can start earlier. This system can be based on a non-ridged/liberal basis so workers can start collecting early based on occupational verification and medical history review. Yes, there will be some who will take advantage but most will need it. Those of us who sit in an office and are healthy and still working will not be able to collect at all until al least age 70 as it was until the 1990’s.
Social Security income can still be reduced for earlier retirement and the less one pays into the system, but it would be much better macro economically if the payouts are closer to parity. A poorer worker needs the money substantially more than a wealthy worker. This solution would help more workers than our current system and with more deserving workers having more for consumption activities; it would substantially increase the stimulation of the