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…The idea of SS is a promise that isn’t written in $’s. It’s a promise to give a stipend at retirement which will be a minimal cost covering for you. So regardless of where the economy is, or what is happening, you’ll have some basics when you retire.
Promise is a good way to put it, but it’s not just for retirement. I wish people would recognize that.
I have always considered SS an insurance policy. It is actually titled SSI (Social Security Insurance). SSI replaces some of our lost income in retirement, or disability or to dependants of retiree (spouse) or disabled (minor children).
SSI is a subprogram within social security called Supplemental Security Income (SSI). It's basically welfare for poor or disabled seniors that don't have the work history to qualify for regular SS. I remember it being passed sometime in the early 70's. I'm pretty sure SSI is funded under general tax revenues not FICA.
…The idea of SS is a promise that isn’t written in $’s. It’s a promise to give a stipend at retirement which will be a minimal cost covering for you. So regardless of where the economy is, or what is happening, you’ll have some basics when you retire.
Promise is a good way to put it, but it’s not just for retirement. I wish people would recognize that.
I have always considered SS an insurance policy. It is actually titled SSI (Social Security Insurance). SSI replaces some of our lost income in retirement, or disability or to dependants of retiree (spouse) or disabled (minor children).SSI is a subprogram within social security called Supplemental Security Income (SSI). It’s basically welfare for poor or disabled seniors that don’t have the work history to qualify for regular SS. I remember it being passed sometime in the early 70’s. I’m pretty sure SSI is funded under general tax revenues not FICA.
That's correct, and SSI is tiny compared to what FICA is paying for -- ~$55B vs $700B.
However, it's important to know that prior to the 1970s, SSI was paid out of the same funding as FICA. The legislation simply moved to make the main fund more of a retirement program / pension replacement and less of an 'insurance policy'.
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Ok, let me get this straight, it is projected that, starting between 2018 to 2020, the program will have to start drawing on the U.S. Treasury Notes accumulated during the surplus years. In the late 2040s or early 2050s, the Treasury securities may be exhausted. Beyond the early 2050s, Social Security will be running a deficit under its current terms.
So congress solution to fix this problem is to CUT the social security tax rate? Am I missing something here? What kinda morons do we have running the country anyway?