| | | "Social Security was, as of the end of last year, some $9 Trillion short of funds."
Since the country held itself together enuf to produce a GDP of $17.841 trillion, maybe the only harm is in your mind.
"It will be technically insolvent in 2033, 18 years from now. That is, no money to pay benefits."
That's wrong. It gets money every payday to pay benefits. They will be about 75% of what they are now.
It's also EZ to prevent that by removing the cap on taxable earnings. SS hasn't been tweaked since RW mythological superhero Ronald Raygun raised rates in '83. That really didn't seem to harm the public, either.
Benefit payments won’t stop if the trust funds are depleted. Once the trust funds are exhausted, incoming tax revenue will be used to pay out current benefits. “Three-fourths of benefits would still be payable after depletion,” says Carolyn Colvin, Acting Commissioner of Social Security. The trustees project there will be enough tax revenue coming in after 2033 to pay out 77 percent of scheduled benefits.
money.usnews.com
"And you and I are likely to be among the last to get our money out of it."
Then maybe we should remove the cap on taxable earnings, so that millionaires and billionaires pay their fair share, and the next 2 generations get their money, too. Imagine Labron James and the Cavs paying taxes on his full ?10M salary, instead of the first $110K; it's easy if you try. |
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