Social Security has failed

I feel like Warren and Sanders are taking crazy pills!!

In the last 85 years, since SS has been implemented, the tax rate has increased from 2% to 12.4%, and the earnings cap has doubled when inflation is taken into account.

This is the perfect example of the Federal Government not willing to admit failure.

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Dumb and dumber keep wanting to tax the rich more.

Bernie threw a fit because Elon didn’t pay taxes in 2008. Do you know why? Elon didn’t have income. Lol

Didn’t he pay like $4 billion a couple of years ago?

A billion I think. That still didn’t make them happy. The single largest payment ever made

11 billion.

Of course it failed…its a Ponzi scheme. The whole fundamental premise behind how it was setup to collect and payout money was extremely flawed. The problem is … you cant touch it. This is why none of our big problems will ever get fixed.

Half the country pays zero income tax but the problem is the people that pay the most aren’t paying enough.

If you were to describe Ponzi scheme to someone who didn’t know what the term meant (like in an entry level economics class), you could give the numbers from Social Security, but don’t say it is Social Security and it would be the perfect desccription.

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What they should have done in the 80’s when they reformed Social Security

But, but, but…
That is giving our money to Wall Street!!!

That is true, but in a typical Ponzi scheme the schemer can’t force people to participate by paying in more money. The money being paid out today is being paid by workers today. Soon, it will require the debt owed to the system by the government and, in about 10-12 years, that won’t be enough to meet statutory obligations.

I haven’t seen any numbers on these proposals, but I suspect that the plan is to not increase future payouts to those taxed on higher incomes. That would make their plan just an added income tax, similar to IRMAA for Medicare.

Yep, none of that has been stated in any of the proposals.

yet it would have been so much better for us