Liberals, Income Taxes Would Have To Be Raised 81% To Pay For Ss And Medicare Unfunded Liabilities. Thoughts?
January 29th, 2012 | 
Author: "The unfunded liability of the two programs is now about $84 trillion. See the table, based on a 2007 estimate -- before the recession -- made by Prof. Kent Smetters of the Wharton School of Finance at the University of Pennsylvania. Click here.
To pay for Social Security and Medicare, the government would have to raise income taxes by 81%."http://www.garynorth.com/public/departme…
I chose something other than Faux News so it wouldn't upset you guys. Hope you're happy.
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social security is funded by payroll taxes, not INCOME taxes
try another article
So time to get rid of the system that won`t allow us to provide enough jobs.
they can’t respond because they’re all scrambling to get on disability [SSI].
And, there is also NO way to make a figure like that. Because it’s funded by income tax, the more people that are employed (and die or not) affect that number.
It’s also citing data that is over 5 years old.
Honestly, YOU ARE ASKING LIBERALS! They have a misguided belief the main reason we are in such economic hot water, is because of the Iraq war. They don;t seem to understand that war is a one time expense, and not even the biggest. That the entitlement program debt is larger, adn will keep growing . That unlike war the debt won’t go away.
Look at how they celebrated over the payroll tax cuts, Obama pushed through. DO you think that they are capable of long term thinking in finances.
Scott, Social security and medicare IS NOT FUNDED BY INCOME TAX. Granted that the numbers might change, the reality doesn’t Even during the best of times, it was KNOWN that social security and medicare was heading towards bankruptcy.
So you are arguing for “means-testing” for Social Security, then, is that it? So that John McCain (who has already LONG ago pulled out far more than he ever paid in to SS) will no longer be able to cash those monthly checks for $3,300 or so? And abolishing the cap on the maximum those taxes are levied on, so that someone who earns $6M a year would no longer pay the SAME in SS taxes as someone who earns $160,000?
I’m all for it!
(I’m a little baffled why you think you would raise Income taxes to cover a Social Security or Medicare shortfall though, rather than raising Social Security taxes or Medicare taxes….care to explain your logic there a little more clearly?)
Your source really isn’t much better then Faux News. That is because the link would have a person think the bill is due very soon. And it is not, and since it typically is figured over a 75 year timeframe, small fixes make a very large effect.
If Social Security payouts were reduced by 3 percent for new beneficiaries beginning in 2010, about 18 percent of the funding shortfall would be eliminated. A 5 percent benefit cut would reduce the deficit by 30 percent.
The averaging period could be increased to 38 or 40 years, which would reduce the deficit by 14 and 23 percent respectively.
Reducing the cost-of-living adjustment by 1 percent each year would eliminate 78 percent of the deficit. Even knocking half a percent off the annual adjustment would reduce the deficit by 40 percent.
Oh, where did I get those suggestions? Some liberal link? No, an article in US News & World Report.
I’m a liberal
How about what the gov owes SSI? Did ya deduct that? I kinda of think the GOV owes us the people. get a Clue!
The USPS is not broke either. The Postal Act of 2006 has it putting 75 years of benefit funds into an account in a 10 year window. Where is that money? Privatize those funds for who?
Here’s a quick and fascinating breakdown by total amount held and percentage of total U.S. debt, according to Business Insider:
The U.S. Treasury / Federal Reserve: $1.63 trillion (11.3 percent)
Hong Kong: $121.9 billion (0.9 percent)
Caribbean banking centers: $148.3 (1 percent)
Taiwan: $153.4 billion (1.1 percent)
Brazil: $211.4 billion (1.5 percent)
Oil exporting countries: $229.8 billion (1.6 percent)
Mutual funds: $300.5 billion (2 percent)
Commercial banks: $301.8 billion (2.1 percent)
State, local and federal retirement funds: $320.9 billion (2.2 percent)
Money market mutual funds: $337.7 billion (2.4 percent)
United Kingdom: $346.5 billion (2.4 percent)
Private pension funds: $504.7 billion (3.5 percent)
State and local governments: $506.1 billion (3.5 percent)
Japan: $912.4 billion (6.4 percent)
U.S. households: $959.4 billion (6.6 percent)
China: $1.16 trillion (8 percent)
Social Security trust fund: $2.67 trillion (19 percent)
So America owes foreigners about $4.5 trillion in debt. But America owes America $9.8 trillion.
This is just a few months old abt. july 2011
Wake Up stop watching the media propaganda as an only source.
did ya know Obama signed ACTA?
Both sides of the Gov are working together and we are in trouble
George H Bush and the NWO just met with Obama? NDDA? The Koch’s are fighting them as well?
Stop the petty hate fighting. That is what they want you to do.
try researching ACTA and the Polish protest. That is Censorship for the world so we can not organize. Did not Twitter just start censorship?
WAKE UP!