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The US Social Security surplus will be depleted in 2033 (https://www.ssa.gov/OACT/TRSUM/index.html https://www.ssa.gov/OACT/TRSUM/index.html), after which point
by dharmab 3y ago
The US Social Security surplus will be depleted in 2033 (https://www.ssa.gov/OACT/TRSUM/index.html https://www.ssa.gov/OACT/TRSUM/index.html), after which point Social Security will be paying back the same amount that people paid into it. People of my generation who are becoming parents now will receive few social security benefits over their lifetime.
As the program currently exists, my generation is being robbed of money that we could invest ourselves.
- downrightmike 3y agoWe could just fix that
- dharmab 3y agoWho is "we"? Congress would need to fix it and the current dysfunction is politically useful to certain key members.
- pc86 3y agoIt's useful to everyone because as soon as more than 2 people sit down to discuss fixing it everyone has their pet thing that absolutely cannot change under any circumstances. So you end up with half the room saying "you can't cut benefits 1 penny" and the other half saying "you can't raise taxes 1 penny" with 80% of people saying you can't raise the retirement age 1 day. It's a classic stalemate where whoever gives first ends up giving up most of their side. The reality is that if we're going to keep this type of ponzi scheme around through the death of all the boomers we need to raise the retirement age 5 or 10 years, cut benefits by 20-30% and raise the SS taxes by 20-30% in addition to eliminating the income cap on those taxes. But imagine trying to get something that comprehensive passed that pisses off both sides that much.