Rhode Island cuts pensions, gets backing from federal court

[*michaelsean*]

(02-09-2018, 11:09 AM)Yojimbo Wrote: It can pay out 100% of benefits until 2037. After that it drops to 80% of pay outs for another 20-30 years.  It's not going to be completely out of money, just not enough to pay out what was promised for 3 big reasons:

1) Congress has been stealing borrowing from the SS fun for a couple of decades now. They need to stop and put back all the money that has been taken.

2) Congress needs to lift the cap on wages taxed from $118k to at least $250k, but preferably no cap and you pay taxes on all your income, like the rest of us peasants do.

3) The Baby Boomer generation is retiring and there will be more of them retired than people working to pay into SS.

The first two can be fixed, the third one can’t. But, fixing the first two would probably alleviate the problem of the third one.

Doesn't congress pay it back with interest?  

It's fine to lift the wage cap, but then you have to pay them more so I don't know how much of a gain that will be.