Been Away from Here. Got Apathetic. Then Got Pissed. Had to come back and vent.

[BlueCaliDem]

188. I never meant to demean your personal situation. I'm sorry if that's what you took away from my post

But the fact is, in 2005, the Board of Trustees rang the alarm bell that S.S. was in trouble when they projected that in 2041 earned benefits are projected to be cut by 22%-25%. Now, in 2012, they've come out with a new report showing that the year has been pushed up by eight years - 2033 when basic benefits, not cost of living adjustments but your basic benefits, will be cut by a whopping 25%.

You can read the report here: 2012 Trustees Report Summary. If you don't believe this SSA 2012 Trustee's Summary denotes that S.S. being in trouble, then I don't know what will. It's pretty clear to me that it is.

But to be clear here, there are no cuts being proposed to social security's basic benefits. Social Security benefits are currently calculated using a formula that takes into account your income and replaces a certain percentage of it.

Here's how it's done today: they do this by determining your average monthly income - wage-inflation adjusted - for the 35 best earning years of your life, and then applying a "bend point" formula to determine your base benefit (fashionably known as PIA or the "primary insurance amount&quot . If you retire in 2011 at your normal retirement age, for example, your basic benefit is determined using the following formula:
(a) 90 percent of the first $749 of his/her average indexed monthly earnings, plus
(b) 32 percent of his/her average indexed monthly earnings over $749 and through $4,517, plus
(c) 15 percent of his/her average indexed monthly earnings over $4,517.
These "bend points" are adjusted by a formula that has been set in law since 1979, are based on wage-growth, and there is absolutely no changes to that formula in the gang of six plan. The changes proposed to it in the Fiscal Commission plan actually increases the base benefits for the poorest workers who are also likely to have the least in savings or other retirement income.

All recipients, 85 and over, of SS benefits will see an increase as well.

President Obama has got you covered. His proposal with strengthen and lengthen social security, Medicare {the gov't will again be allowed to negotiate prices for pharmaceuticals}, and raise taxes on those who can afford them. It's a very balanced and for you and me, very beneficial proposal. It's time we Progressives understand that and support the president if we don't want to make the Republican Party's wet-dream - demolishing our social safety net - come true.