Saturday, March 19, 2011

Questions about Social Security

Questions about Social Security:

1.       If indeed our OASDI taxes go into the Social Security trust fund and do not require funds from general  revenues, how can it be a leading cause of the budget deficit?  And what about:
EXCLUSION OF SOCIAL SECURITY FROM ALL BUDGETS Pub. L. 101-508, title XIII, Sec. 13301(a), Nov. 5, 1990, 104Stat. 1388-623, provided that: Notwithstanding any other provision of law, the receipts and disbursements of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund shall not be counted as new budget authority, outlays, receipts, or deficit or surplus for purposes of - (1) the budget of the United States Government as submitted by the 
President, (2) the congressional budget, or (3) the Balanced Budget and Emergency Deficit Control Act of 1985.
W   Why do we pay OASDI only up to $106,800 of income?  Why should someone who makes $50,000 pay on 100% of their income, while those who make millions or billions have to pay OASDI taxes on only a fraction of their income?  I know the reason, but I think the question should be asked.

3.       If we raise the retirement age to 68 or 69, what happens to someone who loses their job at age 67?  Have you seen any company (other than Walmart) who are willing to hire someone at that age?  Because our society devalues older people, how are they to get employment until they are eligible for benefits?

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