Removing the Income Cap and Taxing Property Income: Two Easy Ways to Assure Social Security Solvency

The alleged long term shortfall in Social Security revenue can be easily remedied if the rich were required to pay taxes for the program based on their total incomes as they are required to for other parts of the federal budget such as defense. Right now they pay Social Security taxes on currently only theContinue reading “Removing the Income Cap and Taxing Property Income: Two Easy Ways to Assure Social Security Solvency”

From Connecticut to Chile: The Neo-Liberal Assault on Retirement Security (article)

Reposted from This Week in Sociology, April 4-10, 2011, edition 3 http://www.thisweekinsociology.com/ Since 1981 shaky 401(k) schemes that depend on stock market investing have increasingly replaced secure, traditional pensions in the United States. The financial services industry encourages a belief that these schemes produce generous benefits. But 30 years after their introduction, the first generationContinue reading “From Connecticut to Chile: The Neo-Liberal Assault on Retirement Security (article)”

Social Security and Obama’s 2011 State of the Union Address

There was considerable fear among supporter of Social Security that President Obama would cave in to powerful financial elites that want to see the program privatized or at least cut back in order to divert more retirement savings dollars to Wall Street.  The signs were everywhere.  He had dangerously reduced employee contributions from 6.2 toContinue reading “Social Security and Obama’s 2011 State of the Union Address”

Actually, The Retirement Age is Too High, by James K. Galbraith

Published on Wednesday, January 19, 2011 by Foreign Policy http://www.commondreams.org/view/2011/01/19-8 The most dangerous conventional wisdom in the world today is the idea that with an older population, people must work longer and retire with less. This idea is being used to rationalize cuts in old-age benefits in numerous advanced countries — most recently in France,Continue reading “Actually, The Retirement Age is Too High, by James K. Galbraith”

Threat to Social Security: Can Harry Be a Hero? By Dean Baker, Center for Economic and Policy Research

That is the question that supporters of Social Security should be asking as we brace for President Obama’s State of the Union address next week. Specifically, the question is whether Senate Majority Leader Harry Reid will keep up his spirited defense of Social Security or whether he will buckle to the pressure from the financialContinue reading “Threat to Social Security: Can Harry Be a Hero? By Dean Baker, Center for Economic and Policy Research”

401(k)s versus Social Security: Comparing the Rates of Return

A common claim of advocates of Social Security privatization is that private accounts deliver much higher rates of return for participants. The Cato Institute, for example, in its Cato Handbook for Policymakers tells us that: �Social Security taxes are already so high, relative to benefits, that Social Security has quite simply become a bad dealContinue reading “401(k)s versus Social Security: Comparing the Rates of Return”

The Simpson-Bowles Attack on Social Security

Despite being stacked with opponents of Social Security, the National Commission on Fiscal Responsibility and Reform�s report, otherwise known as the Simpson-Bowles Report, did not garner enough member votes to be automatically taken up by Congress. The report provides, nevertheless, an indication of the tactics of those who wish to reduce Social Security�s role in nationalContinue reading “The Simpson-Bowles Attack on Social Security”

Boomers and Social Security

January 1, 2011 This morning’s New York Times carried a story: “Boomers Hit New Self-Absorption Milestone: Age 65” by Dan Barry that noted that the oldest of the boomers will hit official old age this year. It is a noteworthy demographic fact to comment upon. If I had been writing the article, I would haveContinue reading “Boomers and Social Security”

The Retirement Crisis and This Blog

The Perfect Swindle is about understanding and finding solutions to the growing retirement crisis facing tens of millions of Americans. Since 1981 shaky 401(k) schemes that depend on stock market investing have increasingly replaced secure, traditional pensions. The financial services industry encourages the belief that these schemes will produce generous benefits. But 30 years afterContinue reading “The Retirement Crisis and This Blog”