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"My second takeaway at a glance is the giant problem that is Social Security. [...] A $405 B shortfall on SS in 2015. If that was at least half, we would actual
by clairity 10y ago
"My second takeaway at a glance is the giant problem that is Social Security. [...] A $405 B shortfall on SS in 2015. If that was at least half, we would actually not be running a deficit. We would have a budget surplus if we actually made Social Security/other Gov. retirement program replacement actually sustain itself perpetually."
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yes, the first step is to remove the cap on social security withholding, which would affect the top ~6%. that would take care of over $100B of that yearly deficit.
- tptacek 10y agoThere's lots of simple things to do to address Social Security's budget, including modest raises in retirement age, means-testing benefits, and changing the way we collect FICA taxes (FICA is itself a flat tax, which is kind of silly, and the withholding cap is a travesty).
- clairity 10y agofor sure. it's just that removing the cap is simple to understand and legislate, and is widely supported--around 80% of all americans. unfortunately that 80% doesn't include the majority of congress critters.