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Originally Posted by flstf
I don't have a problem with raising the FICA wage limit. But realize that these folks will be eligible to draw more out based on putting more in and they are the ones who don't need SS in the first place. Forcing them to pay for something they don't need makes it resemble more of a welfare plan than a pension plan. Something it was not intended to be.
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FICA the way it is is killing the working man. The rich aren't hit that hard. Raising it would only hurt the working people more.
My idea = an end of that "tax" for all people, with equal disbursement.
The problem with privatizing is, if private consumer debt is high now, imagine what happens to people who are given the money..... I would estimate probably 75% of those who make under 50 grand would spend it and not invest it. So in the end..... we will have truly indigent elderly and that will cause government to spend more on them in the long run.
Again, my plan eliminates a lot of government aid to the elderly, puts more money in their pockets and rewards people for working.
Like I keep saying, I'm sure it would need some work, but overall I see no flaws in my proposal.