A Well-Tailored Safety Net: The Only Fair and Sensible Way by Jed Graham

March 9, 2017 | Government | By admin | 0 Comments

By Jed Graham

This fascinating e-book introduces the 1st Social protection reform idea adapted to fulfill the nation's monetary demanding situations and deal with an getting older population.

• greater than 50 charts and tables aspect the talk over Social safety reform, together with the money merits retirees might get below quite a few proposals

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Additional resources for A Well-Tailored Safety Net: The Only Fair and Sensible Way to Save Social Security

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3 percent of GDP, making it, along with defense spending in a time of war, the largest government programs. 2 percent of GDP in 2030. 0 percent in 2030. 6 Now consider that the annual tax revenue paid to the federal government has averaged just over 18 percent of GDP in the past four decades. 3 percent of GDP, then the government would have almost nothing to spare for defense, homeland security, education, unemployment insurance or any other domestic program. Of course the government isn’t about to stop funding all those critical areas.

Individuals could be afforded pre-retirement access to these separate accounts. 4 percent Social Security tax, as well as new mandated contributions. Add-on accounts: As explained above, all workers would be required to save an additional share of wages in a personal account. 5 percent of income. Account balances related to these add-on deposits would be drawn down in equal (inflation-adjusted) amounts through life expectancy, when the progressive saving offset expires. 5 percent of wages, providing an inheritable claim on trust fund bonds to families who would not already receive generous survivor benefits.

Why? Because while income taxes are 22 A WELL-TAILORED SAFETY NET progressive—with higher earners facing higher tax rates—when it comes to Social Security taxes, the highest earners face the lowest tax rates and the working class faces the maximum rate. ‘‘Because we are looting the Social Security trust fund and using it to fund the ongoing government, we are asking the wage earners to pay more than they should,’’ Sen. 6 These same lawmakers have argued in recent years that the trust fund will help pay Social Security’s bills for decades to come.

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