Lift the cap on Social Security contributions. Take the money away from the rich. Call it a “tax”, IDGAF.

[u/Gates9]

https://www.yahoo.com/news/surviving-1-800-month-social-100746403.html

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[u/WeezaY5000]

There should be no cap on social security.

It should just be the same percentage, proportional, for everyone.

[u/Creditfigaro → u/WeezaY5000]

And there shouldn't be homeless people, uninsured people, hungry people and cold people, in the first place. Social security payments should be pegged to inflation. The idea that we allow this as a society is disgraceful.

[u/C_Plot]

Those shouting “the sky is falling” with regard to social security are merely trying to destroy social security. The claimed insolvency has not at all been demonstrated let alone proven. There likely is not even any need to lift the cap.

It is vital to understand the difference between a stock and a flow. If population is constant, then the flows of incomes/products go from the working population, through social security contributions, to the retired pension population for their social security benefits. If population balloons and then declines later, the flows of contributions will exceed the needed benefits for a time. A stock of benefits therefore accrues. The social security trust fund exists solely because of this incongruity created by the baby boomer bubble in our population.

No one has demonstrated that the flows are insufficient to cover the contributions. The concern is solely that the stock of the trust fund is insufficient. Did social security “save” enough for the baby boomer retirement? However “savings” is not the only way to handle such a forced asset as the baby boomers’ retirement. Borrowing can work too. Social security saved more than 30 trillion dollars over decades, and perhaps that was not enough. However, when the trust fund runs out, social security can simply borrow the funds to get us past the baby boomer bubble. That this means insolvency is said only by extreme grifters.

Can you imagine if you saved up $3 trillion for your dream home and then realized your dream home requires $6 trillion. So when you ask the bank for a $3 trillion loan to finish your dream home, the bank says to you: “no you’re insolvent because you didn’t save enough to buy your house outright without a loan.” That would be a bank that did not at all understand banking. The “social security insolvency crisis” is likewise an entire misconception of how finance works.

[u/det8924]

If you lift the cap the program becomes solvent for as far out as they can estimate it. If you do the Biden “Donut” method and tax everything up until the current cap of 188k and anything after 450k (thus not taxing amounts from 189k to 449k) the solvency of the program goes up an additional 45 years.

[u/emiltea]

With housing prices (at least here in CA), $500 of that is going to the property tax on your house that you already paid off. If you don't pay the property tax, the government takes your home and sells it.

[u/crazyhomie34 → u/emiltea]

Atleast in California it doesnt go up an unpredictable amount. It's limited to a max of about 2% per year. It's not based on market value until you buy the home or do major renovations/construction. Can't say the same thing in other states where people are getting priced out of their homes because they can't afford the taxes because the taxes get passed based on market value. Not one to say California is perfect but it can be worse in terms of property tax.