Thread regarding Fiserv Inc. layoffs

“Putting Bisignano in charge of Social Security is hiring an arsonist to run the fire station”

“Businesses would bring him on board when they want to cut, cut, cut,” Senate Minority Leader Chuck Schumer of New York said of Bisignano, who oversaw thousands of layoffs during CEO stints at First Data and Fiserv. “You don’t bring Bisignano on board to head the agency if you want to strengthen it. You bring him on if you want to emaciate it,” Schumer said. “Putting Bisignano in charge of Social Security is hiring an arsonist to run the fire station.”

Full article: https://www.marketwatch.com/story/social-security-mayhem-a-war-room-to-fight-changes-a-delayed-confirmation-vote-and-disrupted-online-access-b5243dde

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| 2353 views | | 12 replies (last April 3, 2025) | Reply
Post ID: @OP+1jqvh6t43

12 replies (most recent on top)

Burn baby burn ❤️‍🔥 Like Disco Inferno, that what FB wood said right now.

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Post ID: @f0+1jqvh6t43

@e1+1jqvh6t43

Ultimately, it's Congress

Prior to 1972, ad hoc increases were set by Congress.

Currently, the maximum earnings subject to Social Security tax, also known as the "taxable maximum" or "Social Security wage base," is established annually by the Social Security Administration (SSA) and is based on increases in the national average wage index, but the wage indexing formula has been adjusted by the Omnibus Budget Reconciliation Act of 1989

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Post ID: @es+1jqvh6t43

Isn’t raising the tax ceiling a congress thing not a social security administration thing?

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Post ID: @e1+1jqvh6t43

@ay+1jqvh6t43

Number of Social Security employees: 60,000

Annual Amount of Social Security benefits: $1,379,000,000,000

17% Projected gap on Social Security Benefits: $234,430,000,000

Therefore if we cut 100% of all Social Security employees in order to cover the projected gap, then the average wage for each social security employee would need to be: $3,907,166.67

Do you honestly believe that social security employees are getting paid $4 million per year? If the politicians are lying to you about cutting expenses to cover the gap, what other things would they lie to you about?

In order to check the numbers, let's check it a different way. First, let's find out what social security employees actually get paid:
"Competitive starting salaries: between $36,118 to $41,981 at the GS-5 level, and $42,053 to $52,002 at the GS-7 level. (Salaries vary by geographic location.) "

So if we assume every employee was paid the maximum rate a $52,002, then we could save $3,120,120,000 each year. That looks like a lot of money! Too bad it only would cover 1.33% of the annual 17% projected shortfall. Looks like removing every single employee will have a rounding error worth of an impact.

You have access to all of these numbers. You could have run the numbers yourself at any time. You did not. You believed the lies that you were told. Will you continue to believe the lies that the lying liars are telling you?

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Post ID: @bj+1jqvh6t43

See Robert Reich explanation here: https://youtu.be/GfZuB7XSFys?si=zWnUKEpfxTxssb5U

Concisely the problem is two fold.

First the wealthy don't pay taxes on anything over about $170k.

Second stagnant wages mean that the contributions everyone should be making are smaller because they're not earning what they should be and paying taxes on that larger amount.

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Post ID: @bc+1jqvh6t43

: @ba+1jqvh6t43 No one stole the money. People started living longer. The population grew faster than predicted. That resulted in more going out than coming in.

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Post ID: @bb+1jqvh6t43

What I don’t understand is: we all contributed towards social security. It’s out money (it’s not free money from the government) so what happened to our money? Who stole our money? Wasn’t this money supposed to be set aside for future retirees? I’m confused!

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Post ID: @ba+1jqvh6t43

Did you read the whole article? So you propose raising taxes on the rich...but the article states that increasing taxes on the rich doesn't close the gap. You still have a hole in the budget. So we are back to either increasing the taxes on everyone or cutting cost. The article says payroll taxes are likely or raise retirement age (which punishes younger workers).

How about we cut costs instead of raising my taxes.

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Post ID: @ay+1jqvh6t43

Finally, something that came out of "Chuck you" Schumer's Piehole that I can agree with.

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Post ID: @ax+1jqvh6t43

So explain this to me please...

Article states Social Security faces insolvency in the next decade, at which point benefits could be cut by 17%.
Warren wants to expand benefits.

So wouldn't that mean benefits would run out sooner? Who is paying for those increased benefits?

There are only 2 ways to have money...increased revenue (ie raise taxes) or cut expenses (ie let workforce go).

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Post ID: @ab+1jqvh6t43

Don't know how Frank is planning to run SSA since there is no stick price to focus on.

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Post ID: @a3+1jqvh6t43

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