The austerity gods are effing ignorant....or duplicitous...or perhaps both.....
From one of the co-chairs of Obama's highly touted, yet still total bullsh*t, Deficit Commission.....
Are you willing to recommend cuts to Social Security?
ALAN SIMPSON: We’re not going to cut Social Security—we’re going to stabilize it. None of the ideas that have been presented will affect anyone over age 58. But we’re going to make the system work. As it is, it can’t sustain itself.
Village Conventional Wisdom has already formed on the question of the "unsustainable entitlement" Americans know as Social Security. For example, here's an Akron Beacon Journal editorialist, today, coming to the defense of.....Republican Tanned Asshat, John Boehner....
Let us come to the defense of John Boehner. The House minority leader and Ohio Republican had a bumpy time last week, his adversaries exploiting his loose expression. Yet he couldn't have been more right in arguing that the country must face the fiscal truth: Corraling entitlement programs and thus dealing with the huge deficit call for increasing the retirement age from 67 to 70.
Such a step alone won't solve the problem. Boehner knows the change must apply to those now in their 40s or younger. Yet just such measures are necessary, including the means-testing of benefits. Too bad Democrats howled, and fellow Republicans cringed. Believe it or not, Boehner revealed what bipartisanship must look like.
Sorry Beacon.....The Reverend ain't buying the bullsh*t. No one else should either.
The truth, which the Beacon and the Austerity Asshats fail to mention about Social Security....is this...
The system can sustain itself, if current projects are correct, by paying promised benefits out in full until 2036
That would be, like, 26 more years. Social Security will have enough funds to provide full benefits to American retirees....WITHOUT ANY CHANGES BEING MADE.....for the next 26 years.
Then what will happen?...
and then could pay 76% of scheduled benefits after that.
If the feds didn't do a damn thing to alter the Social Security program. Nothing, nada, zip, zero.....didn't raise the retirement age, didn't raise the payroll tax cap, didn't means test, didn't eff with the Consumer Price Index numbers, didn't do a gosh-durned thing at all.....SS would still be flush for 26 more years and, ONLY THEN, after 26 years of full benefits being paid out would future benefits be cut by 24%.
If that's a description of bankruptcy, or insolvency....then sign me the f*ck up.
The Asshat position on Social Security...check that....the "bipartisan" Village Asshat position on Social Security....is to keep silent about how regressive the current Social Security payroll tax actually is....while simultaneously advocating for the punishment of future retirees.
A person with $110,000 of gross income in 2010 incurs Social Security tax of $6,621.60, with $6,621.60 paid by the employer. A person earning a million dollars in wages will pay the same $6,621.60 in Social Security tax (resulting in an effective rate of approximately 0.66%), with similar employer matching.
Reread the, you know, hard cold facts.....commit them to memory. Workers making $110,000 a year, or less, pay an effective SS rate of 6.2%. A millionaire pays an effective SS rate of 0.66%.
Millionaires don't need Social Security at all, and pay into Social Security currently at the crippling rate of 0.66%....AND YET....notice that Alan Simpson, John Boehner, Beacon Journal editorialists, and Conventional Wisdom Village Asshats everywhere are all in agreement.
All those millions and millions of American workers who aren't millionaires will simply have to work until they are SEVENTY YEARS OLD for Social Security to "sustain itself."
Summarizing the facts once again: Social Security, not in jeopardy one bit until 2036, and after that still "sustaining" 76% of promised benefits WITHOUT MAKING ANY CHANGES.....Social Security, whose tax rates are 6.2% for regular American workers and 0.66% for millionaires or better.....is not on the verge of insolvency. Social Security is not threatening the American economy and won't threaten it in the future.
Those facts....to typical Asshats....mean American workers must be punished by raising the age at which they can secure SS benefits. Before Reagan the retirement age was 65 for full benefits. After Reagan, the full benefit age rose to 66 years and 10 months. The Village Asshats want to raise that age to 70.
To Beacon editorialists, that heaping, steaming pile of "bipartisan" bullsh*t, is why we should "come to the defense of John Boehner."
Beacon editorialists encourage readers to come to the defense of the totally indefensible.
About This Blog