LIFT THE CAP
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And it’s not a tax. FICA stands for Federal insurance Contriburion Act
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Then pay back the money the Government "borrowed" from the fund.
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SS is a ponzi scheme. The Ponzi scheme or Pyramid scheme generates returns for older investors (tax payers) by acquiring new investors (tax payers). For both Ponzi schemes & pyramid schemes, eventually there isn't enough money to go around, and the schemes unravel.
@GOP -
David, I said SS is a ponzi scheme, and it is. The way SS is designed is identical to a ponzi scheme & it will fail; unless you only receive the $ you contribute. It was designed under the assumption that people would use it as a stop gap for a short time & then die.
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Just pointing the facts out.
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SS Trust Funds have accumulated assets of <$2.5 tril, the excess of program cost over current tax income will be covered by net redemption of these assets in the coming years. It is only when the reserves in the trust funds are exhausted in 2037 that payments become an issue.
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In the 70s my SS contributions were capped. Then politicians realized the "Boomers" would empty it, so then about '83 they uncapped it to produce a surplus for Boomers. As we die off the need will less. Right?
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Yes, eventually there will be a re-balancing of workers to "takers". But Boomers are living longer than expected and that trend is not changing. The fact is that SS is going bankrupt.
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You must have some new angle on how to thieve money out of it.
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Mr Pocan So are you trying to make Social Security stronger for us Americans or for your undocumented beloved illegal aliens
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What flavor was that koolaid you drank,
@rdamser? -
It’s called reality Dave. You know and I know that Democrats stand by undocumented illegal aliens over their own citizens it’s quite obvious
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How about we kill social security altogether so that I won't be paying taxes into a system that I'll never get money back from. Do you "progressives" assume I'm too dumb to save my own money for retirement? You all sicken me.
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Will there even be generations to come once climate change is irreversible?
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Well, it's entitlement if you mean we paid into it all our lives, so we're entitled to it; it's ours! So please stop stealing from it and Medicare. We paid into that too!
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Exactly! It is NOT an "Entitlement". It bugs me to no end when our friends use the language of Fox News!
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SOCIAL SECURITY AN MEDICARE ARE NOT “ENTITLEMENTS” THEY PAY FOR THEMSELVES THREW THE PAYROLL TAX EVER DAMN WEEK, THEY HAVE NOTHING TO DO WITH THE FEDERAL BUDGET.!! IS ALL THEY HAVE TO DO IS RAISE THE CAP (FICA) ON THE RICH FOR ANY SHORT FALL , MAKE THEM PAY THEIR SHARE.! YES SIR
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