A $2,641 Per Household Tax Increase

[JimInOK]

The S.S. problem would be a little closer to being solved if the government didn't skim the surpluses the system has historically produced off to fund other government programs. Those surpluses will soon turn into deficits. Since past surpluses have been squandered on initiatives that were not their intended purpose, the safety net has been eliminated.

A little like endowing a university chair with a lump sum contribution, intending future funding to come from the contribution's proceeds. Then taking those proceeds, spending them elsewhere, and wondering why the system's all of a sudden in a bind.

[katwoman]

Originally Posted by noppenbd

Chris Farrell of Marketplace Money made an interesting point about SS. The current SS rate is 12.4% per employee (half paid by employer if not self-employed). Raising that by 1.70% (.85% for employed individuals) to a total of 14.1% would keep the system solvent for 75 years. Much of this is due to immigrants who pay into the system but never collect on it...so we are not talking about a huge hit to the average worker.
However, Medicare is the big elephant in the room that no one wants to talk about.

APM's Marketplace: My Two Cents: Thank You, Immigrants

Thank you! I have been screaming this from the rooftops ever since I actually saw it in action some years back when the realisation hit me right between the eyes!