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Robert Reich explains how social security became underfunded - billionaires only have to pay 1% cap
priapism
Member Posts: 2,275
in Tug Tavern
Billionaires broke social security with this 1% max cap charge upon them.
Everybody else has to pay a much higher % of their income. That's "fair" right?
Thank your oligarchs for this.
Comments
Nah it can't be that they raided it....
Imagine believing that it is the billionaire's fault for a failed and corrupted Ponzi scheme that gives a horrible return on investment and has been used as a slush fund for more than 80 years. SS is not self-sustaining and has always been a zero-sum game as far as cash flow goes. Reich is the same dummy that told unions in the 90's that NAFTA would actually increase American brand auto production in the USA, create more jobs in the auto industry. The man never met a government regulation he didn't love, absolutely hates corporations, and helped usher in the globalization movement which has done so much damage.
When I was a lobbyist Reich was in deep with clinton and gore. I never met the man but saw him about and had to listen to about 3 of his nonsensical speeches. He has been so wrong on so many things over the years even he has had to backtrack and admit his errors. Blaming the rich for a failed Ponzi scheme just proves he has learned nothing over the years.
“It’s the rich people’s fault”
What a novel approach from a rich Leftist thought leader.
Groundbreaking thread here.
Next you’ll post that Trump is a fascist for wanting to shrink government and limit federal powers on citizens.
Bob Reich is your source???
Lol. @BearsWiin is that you?
The self proclaimed libertarian is leading with effectively a communist source. I love this board.
You noticed the melt down when Elon accurately described SS as a Ponzi scheme. Doesn't mean he wants to get rid of it. Basic logic says if you reform it, cut the theft, and actually invest the money you will be able to pay out more
Bernie Madhoff died in prison for the same thing
I was a self employed consultant in the 80s after they saved it then - 12 percent off the top.
Nobody with half a brain wants to give the ass clowns that continue to loot the program more money to loot
Best move for SS at this point is a probably one time cash injection to make it solvent. Not new fake money but actually proceeds from sale of land and property or tariff proceeds. And allow the trust to at least have some sort of position against some index funds or something.
Then put an amendment into the constitution that the money there can’t ever be touched for any other purpose. Which is where Congress would freak out.
SS is broke because they were stealing it! Our own politicians were stealing and laundering the money. Disgusting and prison terms for all need to happen quickly.
Some countries are forming "sovereign wealth funds" to fund aspects of their government or as a reserve fund.
Social security should invest much of their funds into an S&P500 fund. This Social Security fund should be untouchable, like you say.