shempmcgurk wrote: > --- In FairfieldLife@yahoogroups.com, Bhairitu <noozg...@...> wrote: > >> shempmcgurk wrote: >> >>> What would I do? I would institute a flat tax rate for everyone. I would >>> cut spending on everything across the board in the percentage that the >>> deficit was to total budget. >>> >>> >> That would be a windfall for the rich. They wind up paying less of >> their income in taxes than the lower and middle classes. So what >> exemptions do you propose for those classes? >> >>> I would immediately eliminate Social Security, to boot. >>> >> So what are the retirees depending on Social Security supposed to do? >> Go get jobs? What jobs? >> > > > > The poor seniors (those without assets) could go on welfare; those better off > could live off of other assets or incomes, such as the IRAs most of them > don't touch during their lifetimes (except for required minimum distributions > that start at age 70 1/2). And those that need income can use their main > asset -- their home -- and get a reverse mortgage to live off of. > > Certainly, for those that go on public assistance that would just be shifting > the costs over to another department; but it would be less than the SS payout. > > > In case you haven't been spending much time on planet Earth many people IRAs are in the toilet so fat chance they are going to have enough of one to retire on. And what home if it is under water or foreclosed?
This is not the way it was supposed to work but we didn't have grownups in charge of things either in government nor business.
