I want to update you on my Social Security. I told you that this year we, those on SS, did not get an increase. My cost of living sure went up this year. The apartment rent went up about $70.00 this year. The apartment management upped the rent plus we had to start paying for trash, water and other stuff for the first time.
In a blog post a few days ago I mentioned that this coming year, 2017, the people on SS are going to get a 0.3 percent increase. I said that I would be getting about $1.00 more each month.
Well I was not correct. This year I been getting $1,255.90 each month. But then they take $104.90 out for Medicare insurance. That leaves me with $1,151.00 per month.
Well in 2017 I will be getting $1,260.00 per month. But they will be taking out $109.00 for Medicare insurance. Do that math and you get that I will be getting $1,151.00 per month for 2017 and that is just what I was getting in 2016.
I just got a notice from the apartment people that it is time for a new lease for me. My new monthly rent will be $750.00 per month and that is an increase of $35.00 a month.
And on top of that we now have Republicans in charge of the government. They have always wanted to do away with Social Security and Medicare. Over the years they had to start acting like they did not want to do away with SS and Medicare.
Now the Republicans say they want to improve it and protect it. They still want to do away with it. The Republicans say that SS is going to run out of money in 2033.
That is a lie. See: Will Social Security run out of money?
One thing that the Republicans want to do is cut the SS tax that rich people pay. What we should be doing is increase the top cap. So rich people do not stop paying SS tax above a certain amount. If I remember correct people that make over $120K per year do not pay SS on money above that amount or they pay a very small amount up to another level and then none about that.
The important thing is if the people that make a lot of money paid the tax that we all pay.. the SS fund would have a lot of extra money in the fund. There would be no problems at all.
President elect Trump wants to cut all taxes on the rich. That is going to put the entire budget of the United States into red ink.
Then, of course, the Republicans will say well we have to cut services and benefits to the American people. So they will say .. we have to cut SS, Medicare and other services.
What we should be doing is increasing Social Security payments to the people on the low end. One thing that could be done for all the people on SS would be to fix it so that you do not have to pay the $109.00 per month for Medicare.
Now because the Republicans lie I have to point out to you .. Social Security and Medicare are NOT welfare. Workers pay into both funds. The company that you work for pays into the fund the same amount for you. I worked many times two jobs. I paid and my employers paid into the funds. The Republicans love money so much ..they should understand insurance. They sure understand banks and Wall Street.
Now if SS paid a little more on the low end and if they did away with having to pay each month a fee for Medicare those people would have more money to live on .. And we spend that money.
Tax cuts to the rich are NOT going to create jobs and not going to help the American system. It is just going to line the pockets of rich people.
If you are a Republican you are thinking that Trickle-down economics works.
It does NOT. It has never worked. It is a lie! See: Trickle-down economics
The economist John Kenneth Galbraith noted that “trickle-down economics” had been tried before in the United States in the 1890s under the name “horse and sparrow theory.” He wrote, “Mr. David Stockman has said that supply-side economics was merely a cover for the trickle-down approach to economic policy—what an older and less elegant generation called the horse-and-sparrow theory: ‘If you feed the horse enough oats, some will pass through to the road for the sparrows.'” Galbraith claimed that the horse and sparrow theory was partly to blame for the Panic of 1896.
A 2012 study by the Tax Justice Network indicates that wealth of the super-rich does not trickle down to improve the economy, but tends to be amassed and sheltered in tax havens with a negative effect on the tax bases of the home economy.
In 2013, Pope Francis referred to trickle-down theories (plural) in his Apostolic Exhortation Evangelii Gaudium with the statement (No.54) “Some people continue to defend trickle-down theories which assume that economic growth, encouraged by a free market, will inevitably succeed in bringing about greater justice and inclusiveness in the world. This opinion, which has never been confirmed by the facts, expresses a crude and naïve trust in the goodness of those wielding economic power and in the sacralized workings of the prevailing economic system.”
A 2015 report by the International Monetary Fund argues that there is no trickle-down effect as the rich get richer:
[I]f the income share of the top 20 percent (the rich) increases, then GDP growth actually declines over the medium term, suggesting that the benefits do not trickle down. In contrast, an increase in the income share of the bottom 20 percent (the poor) is associated with higher GDP growth.
A 2015 report on policy by economist Pavlina R. Tcherneva described the failings of increasing economic gains of the rich without commensurate participation by the working and middle classes, referring to the problematic policies as, “Reagan-style trickle-down economics,” and “a trickle-down, financial-sector-driven policy regime.”
In 2016 US presidential candidates debate, Hillary Clinton accused Donald Trump of supporting the “most extreme” version of trickle-down economics with his tax plan, saying he “trumped up trickle-down.”