Happy 80th to Social Security!! After we blow out the candles and turn on the lights, let us face reality. Not to spoil the party, but it is no secret that our Social Security system is not in great shape. With a deficit of around $486 billion, matters can only get worse if real measures are not put into play. FAIR’s new issue brief reminds us that “granting amnesty to the illegal alien population would come at a serious cost”, not the least is the one to Social Security. Amnesty: Breaking the Social Security Bank, makes the point that granting amnesty to illegal aliens would likely exacerbate Social Security’s solvency problems.
Giving legal status to illegal aliens will not solve the Social Security system deficit problem. If anything, it will add to the number of people already fighting over the last piece of cake.
Happy Birthday Social Security! But let’s not get side-tracked. Social Security is in real need of a fix, and even the Obama administration admits that amnesty will not help.
Read the issue brief here.
6 Comments
Social security would be in good shape if the wealthy paid into it at the same rate as the rest of us. Right now there is a cap on how much of their income the wealthy have to contribute. We need to stop government welfare to the rich.
Here’s a native-born Gen-Xer’s unselfish take on social security. I wish the Federal government would quickly offer an additional delayed retirement option for those of us who plan to continue working and expect to live longer than the average lifespan. i would gladly retire at 75, for example, and would expect a higher benefit check but low enough to provide a net gain to the Treasury vs the current extended retirement age of 70. I’ve been paying into the system for decades but retirement isn’t what it was in the past. It’s time for a re-boot. I don’t know why so many people fight the rising retirement age. To me, it’s can be a win-win for the retiree and the taxpayer.
If I remember correctly Pre. Clinton had the SS fund transferred to the general fund and then claimed that he had lowered the national debt and if he actually used SS funds to pay down the national debt that is where a lot of the SS money went. So that means that the SS cash is being used to run the country instead of in a untouchable account where it should have been.
Didn’t Obama use SS money to help finance his Obama Care because that is what I heard last week.
Our Tax Base has been Destroyed By Low Wage Overpopulation Flooding the Scarce Job Market
And don’t let those “help wanted” signs out there fool you. They’re just looking for more 20 hr/week $11/hr workers with no health insurance. Welcome to essentially no insurance at all under ACA for about 70% of the uninsured, a watered down Medicaid due to recent overpopulation.
SS is in trouble and has been for some time caused by the massive influx of low paid workers and the reduction of 90 million workers in the work force. Raising the retirement age should be done but it is only a stopgap. The funding of SS must be changed. HR 25, THE FAIRTAX will do that by removing funding for SS from the individual workers to the general tax base. http://fairtax-psyclone.netdna-ssl.com/media/attachments/552d401e2017a86de3000265.pdf?1429028894
Not only giving amnesty to illegals will be a problem for SS, but so will all the millions of low education we have allowed in because of “family reunification”. We have already crippled our economy with trillions of long term debt.