Bush SS Gov Websites thoughts on cutting Social Security Benefits

[papau]

NOWHERE DOES IT STATE THAT A SIMPLE CHANGE IN THE YEAR 2042 TO THE RETIREMENT AGE - AGE 70 RATHER THAN REAGAN'S 67 - REDUCING THE BENEFIT AT 62 BECAUSA IT IS THEN ANOTHER 3 YEARS "EARLY"- SOLVES EVERYTHING

http://www.ssa.gov/qa.htm

Unless changes are made, at age 73 your scheduled benefits could be reduced by 27 percent and could continue to be reduced every year thereafter from presently scheduled levels

If Social Security is not changed, payroll taxes will have to be increased, the benefits of today's younger workers will have to be cut, or massive transfers from general revenues will be required. Social Security's Chief Actuary states, "If benefits were reduced to meet the shortfall in revenue for the combined program, the reduction would need to be 27 percent starting with the exhaustion of the Trust Fund in 2042 and would rise to 32 percent for 2078. Alternatively, if additional revenue were provided beginning in 2042, revenue equivalent to a payroll tax rate increase of about 3.1 percentage points (from 12.4 percent under current law to about 15.5 percent) would be needed for the year. The additional revenue needed for 2043 would be equivalent to a payroll tax rate increase of about 4.5 percentage points for the year. Thereafter, the amount of additional revenue needed would gradually rise, reaching an amount equivalent to an increase in the payroll tax rate of about 5.9 percentage points for 2078 (or about 50 percent higher than today's rate).

The four basic alternatives that are being discussed -- singularly or in combination with each other -- are (1) increasing payroll taxes, (2) decreasing benefits, (3) using general revenues or (4) prefunding future benefits through either personal savings accounts or direct investments of the trust funds.


http://www.ssa.gov/OACT/TR/TR04/index.html

[sam sarrha]

1. if they change it once they can change it to 87

[notadmblnd]

2. I think they should find a way to

tax all the people who have gotten our jobs offshore and make them pay for all of us freeloading Americans retirements.

[papau]

3. :-)

:-)