Should Musk/trump raise the retirement age?

Nordberg said:
The tax rate is 6.2 percent. You pay up to 112K After that no more. Now take time and ask for help from someone around you, they can assist. If you make 224 K per year and pay only on the first half what percent do you pay? Why it is 3.1. Of course if you make a lot more. your percent of income payment becomes negligible.
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You might benefit from reading this Nerdsperg. It from NerdWallet, so I sense an affinity between yourself and the publisher:

www.nerdwallet.com

FICA Tax: Rates, How It Works in 2024-2025 - NerdWallet

FICA is a 15.3% payroll tax that funds Social Security and Medicare. Employees and employers split the total cost.
www.nerdwallet.com www.nerdwallet.com
 
Walt said:
Sadly, I think President Musk and his manservant trump agrees with your statements.
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They do. Musk and his puppet seek unbridled wealth and power.

9egtcl.jpg
 
Tbird19482 said:
And now if trump puts the tariffs on imports like he says he is going to that will raise " inflation " ( cost of goods we buy ) and people that are on SS will get COLA increases and that will drive the SS system into insolvency sooner.
So raising prices of imported goods will drive up costs then people on SS will need an increase in COLA , it will be a big cluster fuck.
And seeing they fucked things up they will have to figure out how to fix it.
And Trump will say OH the SS system is in a fucked up mess and I had to fix it, even if he was the one that fucked it up.
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What trump might do is put a chain on COLA. So there might be 15% inflation, but only a 2% rise in Social Security. trump would claim that is a rise, not a cut, but it would be effectively a cut. he could cut Social Security in half using that trick.

Of course that would be devastating to Social Security recipients.
 
zymurgy said:
you bragged about an era where we could afford a single person working

you refuse to understand that was when the Federal Government was spending $400 per person. Now it is $20,000 per person - it kind of makes it hard to only have one person working

you are not the adult in this debate.
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LOL. So you STILL CAN'T SUPPORT YOUR OWN POINT?

Wow. That's sad. To have an idea in your head that you just made up and you can't find ANYONE to support it.

Must be hard being a moron.
 
Diogenes said:
I didn't say I don't know it, Nerdsperg. I asked a question. Looks like the percentage is the same up to a threshold. Are you referring to the earnings threshold?
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Adults rarely complain about taxes being nerdy. They find it important enough to pay attention.
 
Diogenes said:
Is anyone really laboring under the impression that President Trump can raise the Social Security retirement age?
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Along with Congress, of course trump can raise the retirement age. Reagan raised the retirement age.

The questions are will he do it, and how fast can he do it? The retirement age itself is not in the Constitution.
 
Walt said:
trump might be able to cut Social Security in half. If he chains COLA, so that it does not rise with inflation, and combines that with high inflation, that could cut inflation adjusted Social Security in half. It would be brutal, but doable.

Raising the edge of retirement would not do that. There are too many people already retired.
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Emperor Musk should raise it to 130, so his new time traveling Martian citizens can collect when they arrive on Europa by mistake.
 
Checkerboard Strangler said:
Emperor Musk should raise it to 130, so his new time traveling Martian citizens can collect when they arrive on Europa by mistake.
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President Musk's preliminary plan is to keep rising the retirement age by two months a year from 1960 on forever. That means someone born in 2020 would retire at age 77, and someone born in 2338 would retire at age 130.

It also means chaos for all pension plans as they only have 2 years to adjust to the new rules.
 
Walt said:
Along with Congress, of course trump can raise the retirement age. Reagan raised the retirement age.

The questions are will he do it, and how fast can he do it? The retirement age itself is not in the Constitution.
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Hey, I suppose acknowledging the President can’t do it unilaterally is a start.

You act like some one off bill would be passed raising the retirement age. It’s just weird. Anything done big to S.S., like raising the retirement age, is going to be part of a larger grand bargain. And to do that it’s going to have to have some level of bi-partisan support.

Guess it’s more fun to peddle fear mongering.
 
Daylight63 said:
LOL. So you STILL CAN'T SUPPORT YOUR OWN POINT?

Wow. That's sad. To have an idea in your head that you just made up and you can't find ANYONE to support it.

Must be hard being a moron.
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I just supported and explained it

the only way to spend so much "money" is to change the game to one of fiat currency

which means we lose our purchasing power. which means more people must work to retain any semblance of purchasing power. It is not just two people - you also will need to work longer as we have no idea how much more expensive things become
 
cawacko said:
You act like some one off bill would be passed raising the retirement age.
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That is what happened last time. A one off bill in 1983 raised retirement ages for everyone born after 1948 two month increments until it reached 67 for people born on or after 1960. This gave everyone 20+ years notice of the changes, and also made the changes difficult to alter.

cawacko said:
Anything done big to S.S., like raising the retirement age, is going to be part of a larger grand bargain. And to do that it’s going to have to have some level of bi-partisan support.
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The bargain is trump will not destroy America, and Democrats will allow trump to greatly weaken America. That is always the deal.
 
zymurgy said:
I just supported and explained it
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No you didn't. You asserted again. Support your point with actual citations. Otherwise I'll have to assume you just made it up because you cannot support it.

zymurgy said:
the only way to spend so much "money" is to change the game to one of fiat currency
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Support the claim.

zymurgy said:
which means we lose our purchasing power. which means more people must work to retain any semblance of purchasing power. It is not just two people - you also will need to work longer as we have no idea how much more expensive things become
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Support the claim.


Geez you people are slow.
 
archives said:
You do realize that only 30% or so of the federal budget is allocated to discretionary spending, and half of that is for the military, so how are you going to cut Government spending in half?
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I read the other day that if you did away with everything that Republicans claim is too expensive, it would cut spending by about 2%.
 
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