What about the Trustfund ?
SS will not be flat broke in 2042. Payroll taxes can support 70 % of promised benefits at least until 2080. So says the CBO.
Q: If 2% of SS payroll taxes could be diverted into private accounts, how would SS make up that 2%?
A: TAXES
Doesn’t it make beter sence to simply increase SS payroll taxes and let retirement accounts exist as an addition to the current SS? Infact it makes NO sence to me to take money out of SS only to replenish it with general fund money UNLESS the long term plan is to reduce SS funding later. If your listening, somebody set me staight.
Q: What’s the President’s plan to pay off the T-Bills that are in the SS trust fund.
A: TAXES
The trust fund is what I don’t hear anyone talking about.
If there was no trust fund, when payroll taxes would no longer cover benefits, they would be just cut them, and continue to cut them until SS was no more. The conservatives would be cool with this but the trust fund puts a monkey wrench in that. Because the Federal Government is by Law required to pay that money back with interest when they are cashed in. Taxes MUST go up to or borrow more money and incur more debt.
NO PLAN I HAVE EVER HEARD ADDRESSES HOW THE GOV’T WILL PAY THE TRUST FUND BONDS.
