Here's the timeline for Social Security benefit cuts

[LegalAmerican]

Not to worry ... COVID and the upcoming Swine flu will be killing off a  percentage of those receiving SS benefits.  So far 129,000 deaths have been reported in the U.S. -- FL, TX, CA, cases and deaths continue to rise.  IF these Chinese viruses don't have the desired outcome, there will be another.

That covid number is not correct.  Anyone who dies of cancer, heart attack, diabeties, anything, is claimed as COVID death. Even Floyd tested positive for COIVD.  Each year people die from flu's. I read, 1.5 MILLION people died from diabetes, alone.  So this flu is mild, for most people. Many articles and people coming forth, how doctors are paid 26K for each patient they say, died of covid. One nurse in New York, says they are actually 'killing' people and claim 'covid'.

[LegalAmerican]

Well, it was LBJ in 1968 who folded in the SS budget to the general fund.

Reagan and Congress in 1984 began the first taxing of benefits capped at 50% based upon income then Clinton and Congress raised it to a 85% rate in 1993.

The rise in both the $ cap and tax rate % subject to the Social Security tax has been made by virtually every Congress since its inception, so govenment has been complicit throughout in changing the deal.

As far as its nature to ultimately fail, FDR brilliantly set it up to fail as it had political rather than economic incentive

In the course of this discussion I raised the question of the ultimate abandonment the pay roll taxes in connection with old age security and unemployment relief in the event of another period of depression. I suggested that it had been a mistake to levy these taxes in the 1930’s when the social security program was originally adopted. FDR said, “I guess you’re right on the economics. They are politics all the way through. We put those pay roll contributions there so as to give the contributors a legal, moral, and political right to collect their pensions and their unemployment benefits. With those taxes in there, no damn politician can ever scrap my social security program. Those taxes aren’t a matter of economics, they’re straight politics.”

FDR also mentioned the psychological effect of contributions in destroying the “relief attitude.”

https://www.ssa.gov/history/Gulick.html

Like W, Clinton had some noble words to improve it, but these were never enacted upon and were essentially fairy tales of untold surpluses of the general budget to save SS.
  https://www.ssa.gov/history/clntstmts2.html#1999state

Ok, I guess I have to believe you.  Surplus was created by including SOCIAL SECURITY to general fund, is what I read.
I do doubt, CLINTON had anything noble about him.  lol. Our history is always re-created. Changed, like obama did, using our tax dollars.  Heritage Foundation info. 

[LegalAmerican]

P.S. Yes the cap changes every year.  Wealthy people who receive about, $200,000.00,  are not taxed any FICA TAX, after they reach that income.  Why?  (I don't know the recent cap, anymore)

They put a cap on high income salaries.  Why? Do you know?  Fica taxing any salary for the years income, would solve the problem. A million paid and taxed at fica tax, .0765.....oh, I see why.  The employer would have to match that! 15.3 total. Well the rule could be changed for the employer and only 7.65 % on million dollars.  No matching , AFTER THE CAP. 

[IsailedawayfromFR]

Ok, I guess I have to believe you.  Surplus was created by including SOCIAL SECURITY to general fund, is what I read.
I do doubt, CLINTON had anything noble about him.  lol. Our history is always re-created. Changed, like obama did, using our tax dollars.  Heritage Foundation info. 

Obviously, I should have said the sarc tag on the noble comment.

We both know he has not a worthy thing in his body.

[LegalAmerican]

Obviously, I should have said the sarc tag on the noble comment.

We both know he has not a worthy thing in his body.

 

[Fishrrman]

catfish wrote:
"If it looks imminent, I might just cash them in, and take the one time massive tax hit.  At least I will have the principle (and principals) for that matter of not letting them getting their meat hooks on all of it."

Well... that will work until they start taxing/confiscating personal savings accounts over a certain dollar limit.

Not only to pay for Social Security, but for the soon-to-be "reparations payment program" as well...

[IsailedawayfromFR]

catfish wrote:
"If it looks imminent, I might just cash them in, and take the one time massive tax hit.  At least I will have the principle (and principals) for that matter of not letting them getting their meat hooks on all of it."

Well... that will work until they start taxing/confiscating personal savings accounts over a certain dollar limit.

Not only to pay for Social Security, but for the soon-to-be "reparations payment program" as well...

They will first exhaust the $17 trillion in pre-tax assets before they go after PSAs.  That will take a long time to do, as they will pick the low hanging fruit first, and it will be bloody hand to hand fighting.

No, @catfish1957 's strategy is sound.