Kasich on Social Security cuts: "You'll get over it."

[JDPriestly]

12. Not necessary if we raise the cap, and we should raise the cap.

It is not right that if you pay payroll taxes on the first $113,000 or thereabouts that you earn and then can, at your discretion, choose to save money from everything you earn over that amount in a 401(K) or IRA or other instrument while those who earn maybe $40,000 a year pay their payroll taxes and cannot save more than that.

Payroll taxes should be imposed on every cent earned on anything in the country. The rate of the tax should be reduced so that the amount placed in Social Security covers the cost of the benefits paid out and puts a little in the Social Security trust fund each year.

For many, many if not most Americans, Social Security is the only retirement savings they have. That is especially true for Americans who were in their 50s and early 60s maybe even late 40s, lost their jobs due to the 2008 crash or corporate takeovers and bankruptcies, had to spend down their savings including their retirement savings and are now completely dependent or will be completely dependent on Social Security for their entire livelihood.

Remember, we all pay taxes. We all pay sales and property taxes. When you consider how little Social Security pays most recipients in a month, you have to think that just paying one's property taxes can take a month or two or more of the benefits from Social Security.

I think the average Social Security (and it is virtually the same as the median because the benefits are capped) is around $1,337 per month. That is just a bit more than minimum wage pays per month based on a 40-hour week. (Maybe $90 more.) (2080 hours per year divided by 12 x $7.25 per hour)

http://www.ssa.gov/policy/docs/quickfacts/stat_snapshot/

Before Republicans reduce Social Security benefits and refuse to raise the cap, I would ask them to try living on $1,337 per month. Their lifestyles will change drastically.

I think at this time members of Congress earn $174,000 per year (if not officers in the Congress). That's about $14,5000 per month -- more than ten times the amount the average Social Security recipient is paid after a lifetime of work.

Granted, members of Congress work hard and have to maintain two households or rent something in DC, but still, they should not be willing and should not consider reducing the income of the 1/3 of seniors who rely totally on Social Security for their livings.

We have to stop the Republicans if only in order to save Social Security.

And, by the way, I do not think that Hillary Clinton is as strong a supporter of Social Security as Bernie is. That is because of the longstanding Clinton relationship with Pete Peterson arch-enemy of Social Security and with Wall Street in general. Wall Street covets the money that Americans entrust in Social Security.