Republican Tax Cut For Rich To Kill Social Security and Medicare

iVillage Member
Registered: 09-26-2010
Republican Tax Cut For Rich To Kill Social Security and Medicare
17
Sat, 10-30-2010 - 11:40am

A quick look at the Republican "Pledge To America" shows that Republicans have nowhere near the same focus on cutting spending as they do on cutting taxes.

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iVillage Member
Registered: 11-27-2009
I was thinking all pension plans since all allow participants to retire before they reach an age that they are unable to work, however when you mentioned that there is a difference between pensions and SS, I did focus in on public pensions b/c I honestly see little difference in the two. Sorry for the confusion.
Thanks for your reply. I completely agree with you, with the exception that a pension plan can't or shouldn't be altered. My dh is works for a company that has/had a pension plan, however his has been frozen. He'll only be able to receive a payout at the level he was when they froze it. Any further retirement savings is up to us at this point. I don't see why public pensions can't be handled the same. Don't yank them completely, but freeze them and let the employees participate in 401Ks or 403Bs' (available to education employees now along with their pensions).

iVillage Member
Registered: 03-26-2003
You didn't specify "public pensions". I happen to feel that our government should be phasing those out entirely. Those who currently have them of course shouldn't have the pension yanked out from under them, but new hires should be on 401Ks or whatever the public sector equivalent would be--just like most of the rest of us in the private sector. (There are some companies that offer pensions, so that is why I was vague initially.)
I do feel that the retirement age for public employees should be more in line with the average life expectancy in this country. 65 - 70 is not unreasonable.
I do feel that if folks want to retire early they should save up for it, make sacrifices in their lives now to be able to retire early and honestly be prepared to make further sacrifices later in life to live on less. I don't think my tax money should be paying anything towards that early retirement UNLESS that early retirement is forced due to physical disability.
Sandy
iVillage Member
Registered: 10-08-2010
This is how the "death panels" are going to work. Medicare will cut payments for services so very, very few providers will accept Medicare. The waits will be long. If folks on Medicare end up dying while waiting for care (i.e. surgery)......oh well. The government will claim it isn't their fault....but those mean greedy doctors who are only looking to line their own pockets won't take Medicare because it just doesn't pay enough.

Hmmm......gee thanks Obama. Thanks Pelosi.
iVillage Member
Registered: 11-27-2009
What difference? I'm thinking of public pensions which are funded by the participant and the tax payers. Similar to social security with the exception that its my contributions now paying for my parents generation. With public pensions it's a %, and often a rather small % of a paycheck that goes toward a public pension with the rest funded through tax payers. They retire after about 30 years of service with a pretty nice pension on average, and some with a hefty pension if they played the game correctly. In Illinois, due to the budget woes here they just increased the age of retirement with full pension for teachers. Do you think that those with tax payer supported public pensions should also work until they can't, and not just when they don't want to work anymore. I have worked in the public school system and am still very active there. Most teachers I know are retiring between 52 and 55. They receive a full pension for the rest of their lives.
Here's an interesting article on the topic.
http://civfi.com/2010/05/22/funding-social-security-vs-public-pensions/
iVillage Member
Registered: 03-26-2003
There's a difference between a pension plan and Social Security, though I do find it interesting that government employees get pensions when the rest of us must make do with what we can afford to save.
Sandy
iVillage Member
Registered: 11-27-2009

How do you feel about pension plans?

iVillage Member
Registered: 10-23-2010

iVillage Member
Registered: 03-26-2003
I guess in my part I'm looking at parents who both are complaining about how little money they get in retirement (only one of whom really does get very little) when both of them are still quite capable of working. It's hard on me thinking that I will very possibly end up spending my retirement savings taking care of them.
Sandy
iVillage Member
Registered: 02-15-2007

iVillage Member
Registered: 03-26-2003
Tom, once again your reasonable response deserves applause. I agree on Social Security. In fact, I'm of the opinion that Social Security should be paid out only when one is no longer ABLE to work, not when one just doesn't feel like working anymore. I surely expect to be working well into my 70s and won't draw on SS until I am forced to. But then, I'm counting on supporting family members in their old age, so...
Sandy

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