50 years ago was 1976, which was before the 1983 reforms. In 2023, I see a prediction it will run out of trust money by 2035. In 2009, they were predicting the same trust exhaustion in 2037. In 2005, Bush’s campaign warned it would run out by 2042. You’ll notice that these dates keep moving closer and closer as we get more data. There are real structural problems in social security.
With the cap, social security collected 1,159,984 + 188,399 million dollars in 2024, on the 6.2% + 6.2% tax rate. Medicare with no cap at the 1.45% + 1.45% tax rate collected 441,003 million dollars.
That implies taxable income for medicare was 14,172,517 million dollars, and for social security it was 10,874,056 million dollars. Completely removing the cap on social security would fix the current shortfall, but leave the structural issues in the program intact. Maybe it would buy us 25 more years. There are still people living today that would pay in more than they can possibly receive back from the system.
In short, you’re telling the people funding your lifestyle, “Fuck you, I got mine”, then denying that that is what’s happening.
I hear you, that all makes sense, and I’ve been hearing it my entire life. When I was young, Social Security was supposed to end before the 21st Century, and yet, here we are.
I believe they’ve just been softening us up to accept it when they finally figure out some mechanism to kill it, and they can say “Well, we always said it couldn’t last,” and we’ll say, “Yeah, it was good while it lasted.”
50 years ago was 1976, which was before the 1983 reforms. In 2023, I see a prediction it will run out of trust money by 2035. In 2009, they were predicting the same trust exhaustion in 2037. In 2005, Bush’s campaign warned it would run out by 2042. You’ll notice that these dates keep moving closer and closer as we get more data. There are real structural problems in social security.
With the cap, social security collected 1,159,984 + 188,399 million dollars in 2024, on the 6.2% + 6.2% tax rate. Medicare with no cap at the 1.45% + 1.45% tax rate collected 441,003 million dollars.
That implies taxable income for medicare was 14,172,517 million dollars, and for social security it was 10,874,056 million dollars. Completely removing the cap on social security would fix the current shortfall, but leave the structural issues in the program intact. Maybe it would buy us 25 more years. There are still people living today that would pay in more than they can possibly receive back from the system.
In short, you’re telling the people funding your lifestyle, “Fuck you, I got mine”, then denying that that is what’s happening.
I hear you, that all makes sense, and I’ve been hearing it my entire life. When I was young, Social Security was supposed to end before the 21st Century, and yet, here we are.
I believe they’ve just been softening us up to accept it when they finally figure out some mechanism to kill it, and they can say “Well, we always said it couldn’t last,” and we’ll say, “Yeah, it was good while it lasted.”