After inflation and gas prices (no suggestions or solutions, by the way, just moving lips), the current major talking point coming out of GOP seats in Washington is changes to Social Security. And on C-Span Senator Lindsey Graham was talking about the impending short fall in Social Security funding now anticipated in 2034. He’s says it is a fact and it is. And we need some solutions from Congress and soon. But that is a topic that should be covered in another post.
But then he got into an interesting side note about his personal experience with Social Security.
First, he’s between 66 and 67 years of age and he is taking his Social Security benefits. Now he has a right to take them, certainly. But I can’t imagine that he needs them given his salary as a US Senator. And there are a number of typical arcane government tax rules around beneficiaries who are still working and getting significant earned income. So it would seem that he’s giving quite a bit of it back to the US Treasury…but it may have been better served staying in the SS fund until he actually retired.
So he’s suggesting that one way to fix the SS solvency issue is reduced benefits which he’d be willing to do….except he’s not like you and me who will rely on SS payments as a major portion of our retirement income.
In fact in the video he mentions that he has a military pension. I am not sure if he is currently receiving that but he apparently is entitled to one. Thank you for your service sir.
AND he mentions that he will get a US Senate pension when he leaves the Senate. And that I am sure is sizable as well. One of the sites that I found say that the average pension for a member of congress is $75,528. And their pension system is a bit arcane as well since at one time elected officials only received their pension but now also pay into Social Security. So they will get both…
So Senator Graham will feel no pain if his Social Security benefits are mildly reduced because taxes are probably already eating away at them…and of course he’ll have his two other government pensions to fall back on. Triple dipping??
I think elected officials should be restricted in how many of the government teats they are allowed to suck at one time…maybe two is enough? So Social Security and then pick your military pension or senate pension?? Might be tuff for someone with a limited understanding of math.