Dear Mr. Sloan:
...
Thanks for your column last week on Social Security.
...
I'm curious why noone ever mentions the impact that the inequity in income has on SS. While I realize anyone can find statistics to support their case it seems that over the past 20 years income has been almost static for most of the people at the level paying into SS while most of the benefits of increased productivity has gone to corporate managers and stockholders or those above the threshold. It seems to me that this would have a significant effect on SS stability as FICA receipts wouldn't have increased as they should have. After all, the 20 billion that a handful of Wall Street received as bonuses did nothing for SS as they were all above the cutoff level already. However, that same 20 billion spread over a million workers would have had a significant effect.
...
Also why is it never discussed to take SS off budget and really turn it into an insurance program as originally intended. Perhaps it should be taken out completely like the FED as it has its own funding with the FICA levy and could manage itself. It might be a way to allow it to have a percentage of its funds invested in non-governmental financial instruments.
...
It seems to me we have a new feudal system. The old system required the peons and peasants to make the natural resource produce for the nobility to maintain their living style while the peasants themselves had limited health and life sustenance. Now the peasants (bottom 80%) have to produce the base economy so that the 'nobility' can pick the low hanging fruit to maintain their lifestyle in the current capitalist economy.
...
Sincerely,
Comments