... to 4.2% but leaves them higher for "employers" at 6.2%...
1) How does that help prevent the insolvency of Social Security (FICA) and...
2) How does that help employers justify hiring people and lowering Obama's 8%-plus un-employent rate?
EVERYTHING this president does is wrong... EVERYTHING!
Another 4 years of this, and we're GREECE.
Social security is an easy fix which is why nothing has been done. Its all political. Its medicare that is the real problem. The drop in employees contribution is a tax cut so it will spur the economy. It only effects those who work which I would think you would like.
More unpaid taxes by Buffet Company !
This just in 03/10/11
Buffett’s NetJets Countersued by U.S. for Unpaid Taxes
and do you know he gets a huge writeoff for doing so, he donates long term capital stock and by donating it he doesnt pay taxes on its increased value but he gets a deduction for the full value against his regular income. so if he has a stock he paid $5 for and it is now worth $100 he has no income on his tax return but a $100 loss. It is one of those loopholes that should be closed. Now do you know where most of the Gates foundation money goes? to Planned Parenthood.
the problam is what david stockman says. we keep cutting taxes but we never cut spending. there is an expense for living in the greatest country. bush cut taxes during a war. it is great for getting reelected but bad for the country. as a percentage we take in less money from corporations then ever before. the rich pay 14%. we need to cut spending and raise taxes. regan raised taxes when needed
... kind of outcome with the president we have. He won't even talk about it because it's not "populist" and it cuts off the part of the electorate that "depends" on him.
Instead, he pushes lowering the FICA tax so that Social Security is even DEEPER in the hole.
Current obligations for future retirees is eons above the current size of the social security "trust fund"...
... and the "trust fund" is made up entirely of U.S. Treasuries... which are government IOUs from the government's "general fund"...
... it couldn't be more precarious... it couldn't be more doomed... yet Obama takes us in the OPPOSITE direction but cutting it's tax source... and not the half of the tax source that would compel employers to employ people...
... but the half that gets Obama the most votes... that's ALL he cares about.
The SS problem is only a problem for us as long as we have no leadership with clear understanding of what most Americans feel and think. That problem exists in both parties, as I believe Mitt would like to keep the present system and reduce benefits by delaying when benefits are available. Seems reasonable for pushing the can down the road…but what if we have a vision to make SS permanently solvent? A leader with that vision would say no one should expect an open end agreement by the government for lifetime payments above what you as an employee and your employers have paid in over your working life. So you will receive all of those payments and a reasonable return along with it (maybe tie to something like current COLA’s). Now, that won’t work for those over 40 who haven’t had time to prepare for such a change, but for all those still early in their working career…that’s the plan from now on.
Now we have a manageable SS deficit.
Where are our thought leaders?
... that we are now "drawing" off of the trust fund and, since the trust fund is made
up entirely of U.S. Treasuries, the Social Security System is now Exacerbating the deficit problem instead of mitigating it.
So, Obama says to keep reducing the FICA tax that "employee's" pay and the more fiscally responsible Republicans balk until Obama makes it clear he'll make it a populist, political issue... and the Republicans cave...
... making S.S. less solvent as a result.
Could Mitt Romney fix the problem?...
... the answer is, he certainly couldn't make it any WORSE than a pure, populist socialist like Obama is making it.
It needs to be shored up and Obama is going in the OPPOSITE direction of shoring it up.
We're Greece, Mac. We are catapulting toward bankruptcy and Obama is accelerating the process, not impeding it.