Social Security could be drained of cash in just six years if Donald Trump becomes president in 2025, a report by the Committee for a Responsible Federal Budget warned Monday.The nonpartisan group concluded Trump’s stated plans for his next administration would speed up the fund becoming insolvent.K...
Friendly reminder that all we need to do to make it solvent is get rid of the cap.
It’s insane we have a max limit and not a minimum. Someone making 160k won’t even notice the 6.2% on all of it, someone making 20k tho the 6.2% is life-changing.
The existing system was never designed for this level of wealth inequality.
Unfortunately the Republicans want to break it further and the Dem leadership refuse to acknowledge the obvious solution.
the current wealth inequity is the main driver of all our current social ills.
Ultimately the cap is because there is a max on how much you can receive per month. So they align with each other. But honestly if you’re at the point where you’re hitting the social security cap, then it’s not even going to be your primary source of retirement. In which case capping benefits but not capping contributions would hardly be noticeable, but would help keep social security solvent.
To be clear, a maximum on monthly benefit, not total!
Its an insurance program. The cap on how much you receive is based entirely on how long you live. If you die at age 65, you get nothing. If you die at age 102, you’ll potentially receive much more than you deposited. Same for if you’re disabled or you’re a dependent of an insured person. Paul Ryan bragged about his dead father’s SS benefits paying for his college degree, while advocating for an end to the survivor’s benefit program.
Given that wealthier people tend to live longer, it makes perfect sense to uncap how much they pay.
It’s actually insane how little payroll deductions hit when you’re at the 401k and social security max for the year. It’s normal to see 1-2k more per check. Everyone benefits directly or indirectly from social security and we should all pay into it.
Yeah, who cares about the family with a 50k household income…
The cap allows people who can already max out their 401k to get an extra 1-2k every check the last couple months of the year!
You’ve changed my mind good sir
Obviously the wealthy deserve that extra income.
I’m not sure I phrased it correctly, I was saying that it’s insane that checks get larger for the wealthy. I don’t like it either. I fully agree with your point that the cap should be removed.
You phrased it correctly, they read it wrong.