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Social Security

1,742 Views / Posted by Ed Bradford

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Supporters: Ed Bradford, Erna Boldt
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    Ed Bradford

    Ed Bradford / November 6, 2011 at 6:20 PM ST

    I can't link this problem to a stature yet because the form for linking cannot describe:
    Social Security Act, ch. 531, 49 Stat. 620
    codified as
    42 U.S.C. ch.7

    How do I refer to existing laws using the '42 U.S.C. ch.7' nomenclature?

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    Solution Pre-funding
    Social Security is a pay as you go system. When started, 17 people supported each retiree. Today, 3 people support each retiree. in 2030 2 people will support each retiree. This is not sustainable even if you rase the cap, increase retirement age, change the starting benefit from wage indexing to CPI or lower the CPI increases. The only thing that can save it is raising tax from 12.4% to 18.6% - which would exactly cover the 3 supporters to 2 supporters of 2030.

    Also, the Dec 2010 tax break of lowering the Payroll tax was foolish for Congress and the President to propose. The 50% payroll tax reduction in President Obama's "Jobs Bill" is dumber than foolish. A 50% payroll tax reduction will bring the 2037 Social Security bankruptcy date closer to something like 2024 (50% close to now).

    Pre-funding - means the money is reserved and not spent by Government in any way and cannot be spent. In fact, it is physically available or available within 1 week in its entirety. Its liquidity cannot be abrogated by any federal laws.
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