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Real World Economics: Ignorance of Social Security’s problems is not bliss
['Edward Lotterman']
Twin Cities
(Search for “SSA Social Security Commissioners” to read bios of over 40 of them).
… I’m like, ‘What the heck’s the commissioner of Social Security?’ ”So why is it “asinine” to say that eight years is ample time to fix the program?
The increase in FICA paid by employer and employee combined, leaving Medicare aside, would need to rise from 12.4% of earnings to 14.8%.
More often it was investment income, subject to capital gains, but not funding Social Security.
So when we look at the Social Security trust fund and ask, “where did the money go?” this is partly the answer.