For the last fifteen years I have heard politicians tell us that small increases in the tax that supports Social Security was needed to keep it able to pay retired Americans enough to keep from being impoverished. Whether that tax came in the form of taxing all income instead of capping it, or a higher rate than the 12% it is, all that was needed was a small increase that never came. I heard that privatising SS was the answer, that people could invest their money better than SS could, though I have also heard that most mutual fund managers cannot beat the S&P500.
I heard that union pensions destroyed General Motors and were unsustainable.
Two years ago I began hearing that SS must be cut in order to "save" it, and that "taxes are off the table".
In unrelated news, footnoted.org reports that Grumman CEO Ronald Sugar retired with $50,000,000. in pension benefits, and a Legacy Officers Health Plan which includes "No Lifetime Maximums for essential medical, prescription drug or mental health benefits.” that it had 100% coverage of prescription, mental, and acupuncture up to 20 visits.
It almost seems like it might have been possible to have adequately funded Social Security. In fact it makes me believe that we still can choose to give a crap about the people who took the least return for the benefit of their labor.
Chris? Your comments please?