tag:blogger.com,1999:blog-7334408760351487944.post2110829859396209608..comments2023-11-12T06:43:00.060-05:00Comments on Notes on Social Security Reform: Provisions of the “Save Our Social Security Act”Andrew G. Biggshttp://www.blogger.com/profile/16617460431856611873noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-7334408760351487944.post-87255158455727088302016-08-03T08:22:26.638-04:002016-08-03T08:22:26.638-04:00JoeTheEconomist said it very clearly where it took...<b>JoeTheEconomist</b> said it very clearly where it took me many more words. Are we like the proverbial frog?<br /><br /><i>"“If you place a frog in a pot of boiling water, it will immediately try to scramble out. But if you place the frog in room temperature water, and don't scare him, he'll stay put. Now, if the pot sits on a heat source, and if you gradually turn up the temperature, something very interesting happens. As the temperature rises from 70 to 80 degrees F., the frog will do nothing. In fact, he will show every sign of enjoying himself. As the temperature gradually increases, the frog will become groggier and groggier, until he is unable to climb out of the pot. Though there is nothing restraining him, the frog will sit there and boil. Why? Because the frog's internal apparatus for sensing threats to survival is geared to sudden changes in his environment, not to slow, gradual changes”. </i><br /><br />WilliamLarsenhttps://www.blogger.com/profile/00226403551284640494noreply@blogger.comtag:blogger.com,1999:blog-7334408760351487944.post-68552421479125703692016-07-28T16:10:44.537-04:002016-07-28T16:10:44.537-04:00The increase of age equates to a 13.3% benefit cut...The increase of age equates to a 13.3% benefit cut. People will still retire at 67, but will get 13.3% less. Given that the mix is 1/3 new taxes, 1/3 increase in retirement age, and 1/3rd in other benefit cuts, the total benefit adjustments (including the positive adjustments) is about a 26.6% cut.<br /><br />So we are going to take a 26.6% cut and throw a couple of trillions in new taxes to avoid a 21% cut.JoeTheEconomisthttps://www.blogger.com/profile/15000542138416955049noreply@blogger.comtag:blogger.com,1999:blog-7334408760351487944.post-49113185338008598972016-07-27T22:03:44.707-04:002016-07-27T22:03:44.707-04:00This is a legislated benefit cut. It is no differe...This is a legislated benefit cut. It is no different than doing nothing and having automatic across the board cuts take place.<br /><br />The increase in retirement age of two months for every year going forward is four times greater than the increase for a cohort. For example. a baby born this year can expect to live 18 days longer at age 67 than a baby born last year. To be equal or closer to actual increase in life expectancy would have the increase in full retirement age increase one month every two years. But even this is misleading. For every one month delay in drawing benefits, requires on an actuarial level to collect 2 additional months.<br /><br />This is nothing more than a legislated benefit cut. If individuals were angry about across the board cuts "I paid in and I earned those benefits", they should feel equally angry with this proposal.<br /><br />Millennials and those under age 55 are getting hosed by the greedy geezers who created and supported SS without paying meaningful payroll taxes to support their benefits.<br /><br />Why not just scrap SS and let individual save for retirement like they did before. Some will fail, but the vast majority succeeded.WilliamLarsenhttps://www.blogger.com/profile/00226403551284640494noreply@blogger.com