After age 70 there are no more increases in retirement benefits allowed.
Pro Social Security provides government assistance for Seniors and other people unable to work. While this is certainly a noble goal, Social Security has had the opposite effect from what its well-intentioned sponsors wanted it to have because it must be funded with the payroll tax or go bankrupt.
Consequently, abolishing Social Security would lead to much more desirable results. Few taxes have harmed poor people more than the payroll tax.
The payroll tax is roughly a An employer withholds 6. After Washington receives the money, checks are printed out and distributed directly to retired people. Contrary to popular belief, none of the money is saved in an account for the individual. In fact, the rest of the money is spent on government programs, which is why Al Gore suggested creating a "lock box" to prevent the payroll taxes from being used for other purposes.
Had Al Gore explained what he meant by a "lock box" he would not have been embarrassed on Saturday Night Live. Then again, I wonder if Al Gore even understood what he was talking about at the time.
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Amazingly, government bureaucrats wonder why people who pay these payroll taxes for their entire lives do not have a large savings when they retire, and then rely on their Social Security checks.
Hypothetically, if a private investment firm asked you to pay Still, people seem to accept being cheated by their own government. The common liberal myth is that workers only pay 6.
That is not true. By forcing an employer to pay 6. The reason why the employee pays for both taxes is because the employer could care less whether the 6.
Before hiring a worker, an employer must consider how much it will cost for payroll taxes, among other expenses. Moreover, if there were no payroll tax, the employer could hire more workers.
Overall, the employees always lose because the money would go to the employee in some form or another if the employer were not required to pay the tax. This is also why "taxing the rich" hurts the poor just as much. Eventually, when people give all of their earned money away to the government, and have none for themselves, future poverty will be created in this Country.
It is just a never-ending cycle, and has not shown to benefit the poor; it has made them dependent on Government. Report this Argument Con Thank you to my opponent for posting this debate, I hope it will be a rewarding experience for all.
And again, my apologies for the delay in my response, Advocate Social Security has had the opposite effect from what its well-intentioned sponsors wanted it to have because it must be funded with the payroll tax or go bankrupt.
This is deliberate, the result of a payroll tax increase - recommended by none other than Alan Greenspan - two decades ago. His justification at the time for raising a tax that falls mainly on lower- and middle-income families, even though Ronald Reagan had just cut the taxes that fall mainly on the very well-off, was that the extra revenue was needed to build up a trust fund.
This could be drawn on to pay benefits once the baby boomers began to retire. The grain of truth in claims of a Social Security crisis is that this tax increase wasn't quite big enough.
Projections in a recent report by the Congressional Budget Office which are probably more realistic than the very cautious projections of the Social Security Administration say that the trust fund will run out in The system won't become "bankrupt" at that point; even after the trust fund is gone, Social Security revenues will cover 81 percent of the promised benefits.Get the latest science news and technology news, read tech reviews and more at ABC News.
The current Social Security program will become insolvent by , so a better system is urgently required. Due to an aging population and lower birthrate, the ratio of workers to retirees is shrinking, thereby reducing the funds available for future retirees.
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Social Security history. History Home: This is an archival or historical document and may not reflect current policies or procedures. Here's What the Social Security Debate Was About Clinton wants to protect the fund for future generations. At the debate, the two candidates didn’t agree on whether they even disagree.
The present debate about the future of Social Security is essentially one about financing, rather than a debate about coverage or benefits. This too is not new. Indeed, the current financing debate is the fourth in the program’s history—following similar debates in , and , each of which resulted in major legislative changes.