Quote:
Originally Posted by White Rabbit
Do we have any consensus on this point?
If the USA could just increase the Social Security taxes (payroll taxes or otherwise) sufficiently within the next few years, there would not be any substantive danger of any Social Security defaults, projecting up to 75 years forward.
Any such increase in Social Security taxes would still keep the USA as the lowest tax jurisdiction in the western world, thus negating any theoretical arguments about increasing economic uncompetitiveness in trade relations.
Does anyone substantially disagree with this?
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I'm in agreement with a couple of provisos:
1. That 'surplus' trust collections for future payouts not be invested in internal debt or equity market investments. The Fed and US Treasury department have already proved themselves to be Wall Street bitches. Under current government approved public trust fund raiding techniques any 'surplus' collections from tax increases would merely continue flowing into the general fund and incur internal debt.
2. Independent actuary (not self-serving government drones) analysis of population life expectancies every five years(?) to furnish a basis for projecting payout requirements.