Can somebody translate “means testing” for me? Is it just another way of saying redistribution of wealth?
SS is already means tested in the sense that if you are in a higher tax bracket, you pay a greater amount of taxes on SS.
These people are talking about caps on SS or even an inverse structure where they base what you get in SS based on other income. So, if you saved appropriately, you get no SS. If you squandered everything, you will get the most SS allowed.
Yes, it's another way of saying: "Stupid American public. We're stealing your money in front of your eyes and there's nothing you can do about it. So hurry up and grow old and die."
“Means test” is this: If you are a person of “means” then you would not qualify for the full benefit. In other words, they see how much money you have, and if it’s too much in their view, you get less of the benefits from the government-run pension system.