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Payments have always been capped (maximum taxable earnings), your history is factually wrong. Congress spends the surplus but the only actions ever taken by Co
by mobilefriendly 9y ago
Payments have always been capped (maximum taxable earnings), your history is factually wrong. Congress spends the surplus but the only actions ever taken by Congress on the revenue side of Social Security have been to increase taxes paid into the system.
- Spooky23 9y agoThe cap didn’t increase with inflation, which impacted collections. In effect the payroll tax was spun up in the 80s and used as government revenue via special bonds. But as the surplus as waned due to increased payments, the cap didn’t move and the government’s spending power to bridge the gap was reduced by our post-2001 perpetual war.