General Discussion
In reply to the discussion: FFS... the PURPOSE of ENTITLEMENT REFORM is to REDUCE benefits [View all]HooptieWagon
(17,064 posts)During the past 30 years (prime income years for boomers) we have been paying a higher SS withholding rate, in order to not place an excessive burden on successive generations when boomers start collecting SS. As a result, there is approx a $3 TRILLION surplus in SS, which the govt has borrowed from SS. This is a higher debt than China, Hong Kong, and Japan, combined, hold...about 18% of the National Debt. Now, by claiming SS needs reform (again), polititians (including some Dems) are announcing that they wish to DEFAULT on those SS promises made 30 years ago, and that boomer's earned benefits should be LESS, despite having paid MORE. This DEFAULT on a promise made to boomers 30 years ago is simply unacceptable. It shouldn't even be on the table.