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Tuesday, November 20, 2007

Social Security and Presidential candidates

it is good that the presidential candidates are taking up the issue of Social Security since it has been a hot topic for the past couple of years. Unfortunately the proposed remedies no one wants to hears.

the first proposal is geared towards people who make more than $97,500 in annual income. The proposal is to raise the cap on taxable income for the Social Security tax for which the people who make more than that amount does not want to hear. it may not be something that will correct everything that is ailing the Social Security Administration but it does add money to it which is badly needed given that the benefits will eventually exceed the money going in.

the only other proposal on the table is to reduce benefits, which for many people already on Social Security would cause financial hardships. Given the current state of the economy, there is no viable way of reducing benefits and still having the retirees be financially capable of taking care of themselved.

The benefits need to keep up with the economy otherwise we force retirees to go back to the workforce to help suppliment their benefits which would cause even more problems one of which is the fact that retirees are penalized for making money beyond a specific dollar amount or beyond a set amount of hours worked each week. another thing is that they would be competing for jobs which would flood the job market with more potential employees which would add to the problems with job market.

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