WHEREAS: The receipt of Social Security funds is a right for elderly and/or disabled workers in the United States of America as it is throughout the industrial world; and
WHEREAS: Social Security is now immediately financially threathened but its future is clouded and further threatened by dangerous proposals, and
WHEREAS: The purchasing power of Social Security recipients contributes significantly to the financial of the country.
THEREFOR BE IT RESOLVED: MSAC will oppose privatation because Social Security would be completely destroyed thereby. If privatized, there would be neither security nor social support and the cost of privatation would raise havoc with furure sovency:and
RESOLVED That for Socials Security to survive, all corporations(both domestic and foreign) doing business in the United States must contribute to the funding of Social Security. The amount should be based either on the salaries and the number of past and present employees, or on the Corporation's income in the United States, whichever is higher: and
RESOLVED: that all worked in the United States should be subject to Social Security witholding and that the amount of income subject to withholding be capped at $150,000 per worker instead of the current $90,000
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2 comments:
None of the articles on this subject that I've seen talk about the "means testing" Congress passed that takes effect Jan 1, 2008. For 2008, my monthly social security benefit will be $19 LESS per month despite the 2.3% "raise." This is because the "Modified Adjusted Gross Income" (MAGI) calculated from my 2006 federal tax return exceeds the $82,000.01 threshold for a single taxpayer. MAGI is comprised of: adjusted gross income, (which INCLUDES any social security benefit) PLUS tax-exempt interest, capital gains, IRA withdrawals, and more. Congress, which over the lifetime of the Social Security program, has spent every dollar - Trillions! - collected from workers and employers on a wide variety of expenditures, has now chosen to reduce social security benefits for anyone who had the temerity to earn a pension, and/or save for retirement. Means testing benefit pay out reductions increase the difference between gross social security receipts vs. a vs. total benefit pay outs. Thusly the "excess collection" Congress so gleefully spends each year is increased...earmarks anyone?
Benefits received at 62, and until you are Medicare eligible, are not reduced by Medicare premiums. Two points to be considered: (1) It's never too soon to start retrieving the money the government extracted from your paycheck over your lifetime, (2) Between "means testing" and increasing Medicare premiums, you can't really predict how much your Social Security "benefit" will be.
In my opinion, The Social Security program is at best, a huge fraud/Ponzi scheme perpetrated by the Congress.
12/30/2007 11:52:24 PM
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In the past 13 years, since I’ve been writing this newsletter, changing the CPI, cutting COLAs, or both, have been proposed as major options for Congress to cut spending on Social Security virtually every year. The Senior Citizens League fights such cuts and instead supports legislation that would pay a more fair and adequate COLA using a seniors CPI, The Consumer Price Index For Elderly Consumers (CPI-E). TSCL supports two similar bills “The Consumer Price Index for Elderly Consumers,” H.R. 1953 introduced by Representative Charles Gonzalez (TX)), and H.R. 2032 introduced by Representative Peter DeFazio (OR).
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