Monday, September 13, 2010

Social Security Must Reads

"There’s an easy and equitable solution: make high earners pay their fair share. Today, most workers pay the 6.2 percent FICA tax on their entire incomes. But the fortunate ones—roughly the top 6 percent of earners–pay FICA only on their first $106,800. Eliminate that cap, keep their benefits the same, and we’d end up with another surplus after 2037."
Consider this fact as you take a look at the salaries of top level administrators at UC - many of them earn more than $106,800. and as you consider and weigh the changes they would like to make to UC retirement plans.

If UC Senior Administrators are promoting a retirement plan where low wage earners would rely on social security and rely on social security being fully funded -- then shouldn't they willingly want to ensure that it is funded by volunteering to create an in house payroll solution that would effectively remove the FICA cap on high wage earner salaries at UC- and placing those funds in a trust account in the same way social security does - since they are such big fans of social security for low wage earners?! anyway, its one thought in the middle of the night...

Then, take a further look at this site - here are some abstracts of a treasure trove of articles to be found there- it is the place where I found the interesting fact stated above:

Behind Closed Doors, An Attack on Social Security
Jane Slaughter
| August 25, 2010

When President Obama named his Commission on Fiscal Responsibility and Reform this spring, he chose 18 wealthy members for whom Social Security will make up only a tiny fraction of their retirement income. The commission is charged with reporting back December 1 with recommendations on how to decrease the ballooning federal budget deficit.

Social Security: Bipartisan Fervor to Whack the Old Folks
William Greider
| August 25, 2010

An appalling consensus has developed among Washington elites: they tell themselves cutting Social Security is a slam-dunk. We’ll have to learn to live with less, we’re told. But our side can win this fight if we mobilize quickly and smartly.

The Attack of the Killer Deficit?
Mark Brenner
| August 26, 2010

According to politicians and pundits across the spectrum, the biggest economic threat to the country is not the suffering of millions of unemployed people but the specter of ballooning federal debt. (Deficits are the shortfalls in any given year, debt is the grand total.) Why this sudden obsession with government debt?

Social Security Is Going Broke’...and Other Lies
Jane Slaughter
| August 25, 2010

The Big Lie technique is working. Polls show that six out of 10 Americans who aren’t yet retired think Social Security won’t be there for them—with the youngest workers the most pessimistic. And more than half of current retirees predict their benefits will be cut. When your co-workers tell you Social Security is a bankrupt lost cause, set them straight. Here are the facts.

Who Pays to Save Social Security? Us or Them?
Jane Slaughter
| August 26, 2010

Social Security is quite healthy now—but it will need more cash eventually. Who should pony up? The vast majority of working Americans, suddenly forced to work through what they’d been promised would be their golden years? Or the biggest earners, the top 6 percent?

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