• Vent@lemm.ee
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    7 months ago

    Wouldn’t removing the cap just delay the issue? You get more out of SS the more you put in. The cap exists because there is a maximum amount you can get out of SS. If they remove the input cap, then that implies they’d remove the output cap too. In which case, the immediate result is a lot more money flowing into SS, but over time, a whole lot more money will start flowing out, too.

      • MNByChoice@midwest.social
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        7 months ago

        Eh. One may be rich today and poor tomorrow.

        I think Social Security income is taxed above a certain limit as well.

      • Vent@lemm.ee
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        7 months ago

        Needs based support is definitely a good thing, but that’s not what SS is. That’s closer to welfare and would require a much deeper look into people’s financial situation than a retirement program like SS.

        I could make $500k/yr while working then experience some disaster/disability that takes it all away. Conversely, I could be homeless then suddenly come into massive wealth later in my life. Or, I could live a lavish life because my parents/SO are extremely wealthy, yet I am dirt poor on paper. SS is not designed for these situations, and attempting to modify it to fit them is probably a worse idea than bolstering other entitlement programs that are designed to fill in the gaps.