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>in 30 years when I retire, there will be nothing in the communal pot. I assume you mean Social Security. Over the last 30 years upper-to-high incomes have sky
by rm_-rf_slash 10y ago
>in 30 years when I retire, there will be nothing in the communal pot.
I assume you mean Social Security. Over the last 30 years upper-to-high incomes have skyrocketed while the legal SSA-taxable income cap remains at $118,500.[1]
Reports of Social Security's imminent death are greatly exaggerated, and more often than not a part of a classic Neoliberal (1940s+ Neoliberalism, not the Clintonian/New Democrat brand) "starve-the-beast" plan to convince young people that the program is unsustainable and should be gutted so people can save a measly few percentage points of take-home income. It is a generations-long propaganda tactic that makes sense if you don't think too hard but the simple fact is that raising the cap modestly will keep Social Security solvent for a very long time.
[1] https://www.ssa.gov/planners/maxtax.html https://www.ssa.gov/planners/maxtax.html
- specialist 10y agoI'm ashamed I didn't know the origin, definition of neoliberalism. Ignorant me thought it was something like "new-liberalism" even though it was used in contexts where maybe something like "libertarian fruitopian Freedom Markets (tm) Murica!" seemed more appropriate. TIL neoliberalism means laissez faire economic liberalization a la Reagonomics and Thatcherism. https://en.wikipedia.org/wiki/Neoliberalism https://en.wikipedia.org/wiki/Neoliberalism