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tony

How Likely Is It That Social Security Will Go Broke?

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I swear somebody hears another person say "social security is a broke ponzi scheme that won't be there when I retire" and then they repeat it with absolutely no knowledge. Now it has become a popular thing to say. I like this article because it dispenses with much of that nonsense.

Just a reminder for anybody concerned with policy solutions to social security. Every dollar you earn above $128,400 isn't taxed at all for social security...i.e. rich people pay a lower effective tax rate for social security than working people. If we didn't exempt rich folks income from social security it would significantly extend the "solvency" of social security. If we went further and made rich people pay higher tax rates (as we do for federal tax on ordinary income), then it would do even more.

...the social security "problem" doesn't have to be solved by reducing benefits for working people.

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