What a tempest in a teapot. The Limbaugh/Palin/Beck crowd is doing their usual "The Sky is Falling" routine.
They never let the facts confuse them.
Social Security can pay all benefits with no changes at all for another 26 years. If nothing at all is done in the meantime, benefits can still be paid at 78% of present rates forever after 26 years.
However to avoid any cuts at all 26 years down the road, only tiny changes are required if we do them now.
Any one of the following fixes the problem forever.
Increase present withholding by 1% for employee and 1% for employer.
or
Increase retirement age by one year starting five years from now.
or
Means test retirement benefits. Millionaires get half payments, billionaires get none.
Then there are the idiots who claim Social Security is already insolvent because the funds are invested in US Treasury bonds. Where do these donkeys think the SS funds should be - under someones mattress? Invested in Thai Baht? Lehman Bros or Enron stock? Kept safe by Bernie Madof?
:facepalm:
T-bonds are the safest investment on earth.
They never let the facts confuse them.
Social Security can pay all benefits with no changes at all for another 26 years. If nothing at all is done in the meantime, benefits can still be paid at 78% of present rates forever after 26 years.
However to avoid any cuts at all 26 years down the road, only tiny changes are required if we do them now.
Any one of the following fixes the problem forever.
Increase present withholding by 1% for employee and 1% for employer.
or
Increase retirement age by one year starting five years from now.
or
Means test retirement benefits. Millionaires get half payments, billionaires get none.
Then there are the idiots who claim Social Security is already insolvent because the funds are invested in US Treasury bonds. Where do these donkeys think the SS funds should be - under someones mattress? Invested in Thai Baht? Lehman Bros or Enron stock? Kept safe by Bernie Madof?
:facepalm:
T-bonds are the safest investment on earth.

