@oralloy,
Quote:How is it outdated?
It was setup up during a different time in our history, when there was only 2 ways to retire, save money or have a pension from an employer, and not many companies were offering those. If you worked a farm, which was a majority of the population until WWII, then it was only what you could save on you own. That isn't the case in 2018.
Quote:Since the program is based on taxing people and then using that money to pay other people, why won't raising taxes solve the problem?
The program was based on taxing a great # of people to provide retirement for the few. When the program started, there were roughly 40 workers contributing 1 persons retirement. Now we are down below 3 workers per retiree, increasing taxes won't fix the problem and neither will adding more "workers" to the work force, because eventually those people will work long enough to retire on SS as well.
https://www.mercatus.org/publication/how-many-workers-support-one-social-security-retiree
Quote:I agree that taxes shouldn't be raised too high. But there is still a lot of room to raise taxes on the rich without causing them too much pain.
Pfft. I'm sorry, but I don't think the rich and their pocket books should be used for every cause the masses think is necessary. I don't want to use them to prop up a broken system, I want to see the system changed to fit our modern economy, stocks, IRA's 401k's and the other types of retirement accounts. If it's good enough for the wealthy, why isn't it good enough for us, it's a 2 tiered system and the die hard SS supporters are leaving millions trapped in the lower tier of govt assistance.
Quote:With the right tax increase just think of all the powerful weapons systems that we could equip our military with (and keep Social Security solvent at the same time).
There is no such thing as the "right tax increase", it's a plague on our society. Just this morning I heard that Denver is looking to increase the taxes on pot. It's already 25% and they want an increase so they can invest in low cost housing in the Denver area. What??? They have already broken and destroyed the original taxing and spending purpose of the legalization law, and even changed parts of tabor for their special projects. I didn't take you as a tax and spend thief like the rest of them here on A2K.
We need a new meaning to "Taxation without representation".