On Thursday, Rep. Sam Johnson, a Republican from Texas and chair of the Ways and Means Committee, introduced legislation to significantly cut Social Security.
The bill introduced by Johnson, who is also the chair of the Social Security subcommittee, slashes benefits, adds means testing, and would raise the retirement age from 67 to 69.
For most workers, the bill would cut Social Security benefits substantially. As Michael Linden, associate director for tax and budget policy at Center for American Progress, pointed out on Twitter, a letter from Social Security’s Office of the Actuary calculated workers making around $50,000 would see checks shrink by between 11% and 35%.
Nearly every income bracket would see a reduction, save for the very bottom. People making around $12,280 in 2016 who have worked for 30 years would see an increase of around 20%. But young people making the same amount would be hit hard by the changes. If they had 14 years of work experience by 2016, they would see their benefitscut in half.
The plan would also cut entirely cost of living adjustments (COLA) for retirees earning above $85,000.
If nothing happens, Social Security will start to lose its ability to pay benefits in full in the 2030s. However, Josh Marshall of Talking Points Memo notes that by 2090 it will still be paying at 74%.
Democrats, expectedly, are not pleased with Johnson’s plan, preferring strategies like increasing taxes above the Social Security cap—billionaires pay the same amount as someone making less than $118,000—or raising the Social Security tax itself. There has, however, been a bipartisan effort for a payroll tax to help keep Social Security funded. For now, Congress will deliberate on Johnson’s proposal in 2017.
Ethan Wolff-Mann is a writer at Yahoo Finance focusing on consumerism, tech, and personal finance. Follow him on Twitter @ewolffmann.
KILL THAT SONOFABITCH…….. ITS NOT “THEIR” MONEY
Social Security is paid out to those that are ill, to those that are too fat to work, that drink too much, that are drug addicts, to illegals, to those who are disabled, etc. That was not the contract between the people and the government when created. The contract was broken by those serving within our government. Yet, they continued, unlawfully, to extract that money from those that earned wages.
Before Social Security is cut, it is time to DUMP all foreign aid (foreign welfare) of all types. It is currently being paid out to 143 nations plus (2006).
Foreign aid amounts listed are not added to what is also given as military aid, etc.
With 142 countries receiving aid out of the 188 countries listed with the International Monetary Fund (IMF) in 2014, approximately 76% of the world received some form of economic assistance from the U.S. http://mondoweiss.net/2015/11/spends-billion-foreign/
When one starts tracking how much is actually sent away from the American people to foreign countries it will appall most.
Function 150 of the Federal Budget contains funding for all U.S. international activities, including: operating U.S. embassies and consulates throughout the world; providing military assistance to allies; aiding developing nations; dispensing economic assistance to fledgling democracies; promoting U.S. exports abroad; making U.S. payments to international organizations and contributing to international peacekeeping efforts.
For example
~ $30 billion goes to programs that assist the world’s needy
~ $663 billion goes toward military spending.
~ Egypt, which may have some of its aid cut, is receiving $129.1 million for economic development alone.
~ 3 June 2011 – Four countries in the world’s top 10 richest received foreign aid last year with China receiving $27.2m, India $126.6m, Brazil $25m, and Russia $71.5m ( http://www.dailymail.co.uk/news/article-1393960/US-gives-billions-foreign-aid-worlds-richest-countries-asks-borrow-back.html )
~ 2013, the United States gave Mexico $51.5 million in foreign aid
~ Thirty-two foreign countries receive more direct aid from the U.S. government than the city of Detroit. https://nextcity.org/daily/entry/here-is-foreign-every-country-that-gets-more-federal-aid-than-detroit
The numbers here are for fiscal year 2014 budget and pulled from ForeignAssistance.gov
https://nextcity.org/daily/entry/here-is-foreign-every-country-that-gets-more-federal-aid-than-detroit
~ InsideGov ranked the 25 countries that receive the most total foreign financial assistance from the U.S., listing countries from smallest to largest total received.
http://www.business2community.com/government-politics/countries-receive-foreign-aid-u-s-01573238
~ the United States distributed about $45 billion to more than 180 countries in fiscal 2009, which ran from October 2008 through September 2009. Israel received $2.4 billion, ranking second to Afghanistan http://www.politifact.com/texas/statements/2011/may/21/ron-paul/us-rep-ron-paul-says-arab-and-muslim-nations-get-t/
What is funny, is that a lot of “foreign aid” is hidden, etc making it extremely difficult to track.
But my point is that it is time for the USA to take care of America first before any other nation. We are NOT a One World Government yet, and as long as I am alive I will be fighting that.
But that is another reason to make Americans start hurting more and in different ways financially. It is now, as it always has been, up to us to keep accepting the corruption and treason within our governmental ranks.
Ditto, Ditto, Ditto
I actually don’t want these little puppets touched. I want them interrogated by someone former army intelligence specialist. Have a few good people on my short list I’d name for the job. 🙂 We want to know who all their handlers are. ALL of them!!!
“If nothing happens, Social Security will start to lose its ability to pay benefits in full in the 2030s.”
Gee…just in time for their Agenda 2030 plan to be completed. Imagine that. What a co-winky dink!
Too many drawing out of the system that never paid a dime in. How does that work? It doesn’t. I paid in my entire life and I got my $2.00 cost of living increase this past month. $2.00? Yep, I get this official letter from SSA informing my of my increase in benefits. $2.00! I be shittin’ in high cotton now!
Time to put all government workers into Social Security….including senators and congress….take away their golden parachute retirement and medical.
You can bet that the system would then be sound.
NOW YOU KNOW WHAT SOME OF THOSE .40 HOLLERPOINTS WAS FOR………………………………………………………..
I think somebody needs to cut off Sam’s Johnson if anything.
Hell let’s just fkng raise retirement age to goddmnd 90.
So nobody will ever collect.
Then we can still have the privilege of paying into a system at gunpoint.
That you’ll never see.
Maybe they’ll raise the survivor’s benefits.
Right….?
For decades our ZOG/JOG government put a gun to our heads and said that we HAD to pay into this and now that America is falling apart they tell our grandparents, us and our kids that we’re not entitled to it, though illegal aliens get just after they cross our nonexistent border but none for you Mr. and Mrs. white America.
For what its worth, and it aint much if people don’t act.
FICA/SS is a tax, period. If a person is earning their livelihood in the private sector, NOT affiliated with the federal govt. they must re-butt the assumption that was made when the payee, (their employer) issued them a W-2 or 1099 and they signed it. The employer acted as an agent of the fed. govt.(of course out of pure ignorance) The tax form provides the means of self assessment as to whether or not taxable “income” was earned. Filing the form does not make your part of the “system.”
When a form is properly filed everything is returned and that includes SS. Take that SS money and start your own retirement fund/plan, whatever.
Stop paying the “ignorance tax.” http://losthorizons.com/
Learn the fascinating truth about taxation in America by reading Cracking the Code, and reading at the posted link.