Go to Jeff Salisbury LWGate Home Page.From: BOB FORD <BOB_FORD@compuserve.com>
Subject: Social Security
Date: Mon, 13 Jul 1998 22:34:36 -0400
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>Date: Sat, 11 Jul 1998 14:53:55 -0500 >From: John Wallace <JWallace@karta.com> >Subject: RE: medicaid means testing ... > >Medicaid / Social Security on the other hand is an >INHERENTLY unstable pyramid scheme. It can only survive in >its present form as long as the pool of taxpayers is expanding at >least as rapidly as the pool of retirees. I disagree that Social Security is a pyramid scheme. The pool of taxpayers paying Social Security taxes can get SMALLER and still maintain the pool of retirees. That pool or retirees or somebody else would just have to pay more. Social Security taxes are just one of the taxes we pay to the U.S. government. People pay the social security taxes and companies pay social security taxes. From the amount of these taxes collected each year under the present system, people that are at least age 62 and have paid social security taxes for 10 years (and under some conditions, their spouses and children) are entitled to payments from the government. It would be very easy to double the amount of people receiving Social Security payments. Just double the taxes paid by workers and companies. If you want to add even more people to receive social security benefits, up the retirement age. You could add even more money for Social Security by making all of Social Security payments taxable for everybody. If you still wanted to add more people to Social Security, up the income tax rate for everyone and use that money for Social Security. There are very few limits to the things that our government can tax to raise money for Social Security if we as a nation decide that is what we want to do. Tax rates in some countries are as high as 80 percent. They could be that high here if we decide that is where we want them. The only way Social Security could not = pay people their entitlements would be the case when EVERYTHING is taxed at 100 percent and there is still a shortage of money. We are not even close to that point. BOB FORD BOB_FORD@COMPUSERVE.COM = - -
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