Kevin Drum writing at Mother Jones published a new chart from the Social Security Trustees showing the SS trust fund will be depleted in 2035. That is a year later than the prediction last year, thanks to the continuing Obama recovery from the Great Recession. There will also be a great number of dumb stories telling the younger generation all their contributions to Social Security will have been in vain and there will be nothing left for them as the greedy geezers sack the vault. Of course that is arrant nonsense. The day after the fund is exhausted, everyone's benefits would be cut by 25-35% and the system would continue.
However, whoever is serving in Congress in 2035 will quickly pass a fix to increase taxes as the aforementioned geezers assemble with pitchforks and AR 15s. The quick fix could be passed at any time. Merely raise the salary cap which limits taxpayer's and business contributions to the trust fund. Instead of the current cap of $130,000, make it unlimited. Yes, the millionaires would be granted social security benefits commensurate with their contribution, but the immediate benefit to the system would outweigh this minor disadvantage. The wealthy would likely keep working as they are normally in much better health than the general population.
A minor increase in the tax for the rest of the workers who make less than the current maximum would put the entire system on a sound footing at least until the climate change apocalypse makes the entire question of retirement moot.
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