Retirement in America is already uncertain. Republicans want to make it worse.
To a hammer, every problem looks like a nail. To a Republican, every crisis is an opportunity to cut benefits.
Not that they would put it that way, of course.
This past weekend, The Post reported on a proposal from a conservative think tank, floated to the White House as a way to limit the impact of novel coronavirus stimulus spending on the national debt. Americans made financially desperate by the pandemic could receive a $5,000 federal payment. The catch? The recipients would need to delay their future Social Security filing to pay it back.
The plan received a hearing from the Trump administration, where it has been dismissed because it doesnt seem, in the words of The Post, likely to advance given the political stakes, and faced skepticism from the president himself. But it should have never gotten that far.
https://www.washingtonpost.com/opinions/2020/05/13/retirement-america-is-already-uncertain-republicans-want-make-it-worse/
Ohiogal
(32,150 posts)of that stupid plan hatched by Ivanka and Marco Rubio on how to pay for your child care. Borrow against your Social Security.
That went nowhere fast, too. Thank goodness...
Hoyt
(54,770 posts)-- or not counting on the monthly SS benefit for -- 3 to 4 months is not necessarily a terrible thing.
Yes, it's a change and will cause a lot of folks concern, but I'd like to hear more and see some Democrats' input/ideas beside "No."
Here's a previous discussion, but certainly doesn't hurt to bring it up again:
https://www.democraticunderground.com/?com=view_post&forum=1014&pid=2491746
Skittles
(153,261 posts)LEAVE SOCIAL SECURITY ALONE
Hoyt
(54,770 posts)automatic cut in the 2030s of 24%, maybe earlier with CV19, unless we do something. Now, more than ever, expecting SS tax hikes on rich to solve the entire problem is folly.
Skittles
(153,261 posts)anything is better than enticing desperate people to chip away at their security
Hoyt
(54,770 posts)trust fund deficit.
Increasing the cap is a 16 percentage point tax increase on people with incomes above roughly $130,000. Unfortunately, now more than ever, increased taxes are needed for unemployment benefits, healthcare, childcare, education, infrastructure, debt/deficit reduction (which has become more acute), etc. Besides, merely increasing the cap only kicks the can down the road because the increased tax also has to cover increased benefits above the maximum paid out now per person.