Presidential Candidate’s Radical Fix for Social Security

Titles II, VII, VIII and IX apply specifically to Social Security, while Title XI gives Congress the authority to “alter, amend or repeal” any provision of this law.

Amid rising inequality, declining employer-sponsored benefits, and high levels of household debt, and with about half of working-age Americans unprepared to maintain their standard of living in retirement, Social Security is more important than ever for American workers and their families. But the balance of OASDI funding versus payouts to eligible beneficiaries is shifting at a rapid pace.

The retirement trust fund has enough money to pay full benefits until 2035. However, that’s changing. But it paid out $848.5 billion in benefits – cash benefits that people spent.

Alliance members and allies continued to hold more celebrations this week in honor of Medicare’s 50th anniversary and Social Security’s upcoming 80th anniversary on August 14th. The blog has an integrated sharing mechanism which allows users to simply post the information they think is relevant to their social media profiles with only one button press, on any internet-supporting device. If you go over the 45-hour monthly limit, you lose a check for that month. Bush and Christie have suggested pushing the FRA gradually up to 68-70 and 69, respectively.

Christie wants to rein in parts of those programs, raising the age to get Social Security and making the wealthy ineligible.

Shortly after the Christie/Huckabee exchange, Democratic presidential candidate and Vermont Senator Bernie Sanders tweeted: “Social Security can pay every penny owed for the next 18 years”. Instead, Republican Mike Huckabee has offered a truly radical proposal. A new trustees report revealed the disability trust fund will be depleted next year, and if lawmakers don’t act to address the shortfall in the program’s finances, 11 million people who now receive Social Security disability benefits will face significant cuts in benefits. Paying taxes, getting a job, accessing government benefits, opening a bank or credit card account, going to the doctor, buying a auto – all may require that you reveal your Social Security number. As a result, long-term projections for Medicare’s cost could change dramatically depending on the path of economic conditions that might have little or no impact on Social Security spending. Next, taxes to fund the system have been collected since January 1937. Voters should expect to hear more details concerning revenue generation in future months.

First, rising wage inequality over time has meant more wage income escapes Social Security taxes.

Huckabee’s spokespeople did not immediately return a request for comment.

But could it actually work? Oh well, it would really solve all our problems according to Huckabee. Essentially there would be few surprises moving forward.

Yet, Huckabee’s “fix” has some flaws in it as well.

On something of a tear, Huckabee said with venom that the problem with social security was “illegals, prostitutes, pimps, drug dealers – all the people that are free-loading off the system”.

The bigger issue is the one-time lump-sum payment. Bring your Social Security statement to the game and I’ll answer your questions at a special outreach booth. How can we expect seniors, who may not understand basic financial concepts, to prudently manage a lump sum of money? “This is the pot of gold at the end of the rainbow because you can do so many things with it”, Levin said.