Means-tested SS is redistribution - spreading the wealth. Peter pays in; Paul draws out.
Means testing of SS,but for future generations.He’s not stupid enough to say do it immediately,he knows he’d have a senior insurrection on his hands.
Means tested SocSec sounds like a plan to send the 62 and over voters who have saved little bit of money to Democrats. Not a good campaign platform at all.
Every study I’ve seen says people get WAY more back in SS than they ever put in. It is a welfare system. It should’ve been set up as a 401k or IRA where you have your OWN account & draw out your OWN savings.
I have an excellent retirement pension. I don’t need the SS I paid in to live. We have an $18 TRILLION debt that our children are going to have to pay back. I’d rather give up my SS to put this country back on track.
Ted Cruz is right. SS should be means-tested.
SS has always been about redistributive transfer payments. There are no savings accounts with social security numbers attached. You were never paying in to fund your own retirement. The current working generation pays the benefits that their parents' generation is receiving, and any extra left over is skimmed off for the general fund. Means testing just makes it obvious to everyone what SS really is, which is old age welfare.
SS was never designed, and has never operated as a savings account type plan. It’s always been a redistribution scheme, from day one.
Paul paid in also.
Regardless of the value of the dollar fluctuating over time and other stimulants, the impact has probably been the same to the pay check of 1955 as they are to the paycheck of 2015.
The only audible answer out there, is to drop SS entirely, effective in advance of those who can instead plan their own retirement 20-25 years out.
SS was never intended to pay out, other than to orphans and widows... average life expectancy when it was enacted was lower than the age where SS would pay out... Life expectancy was 61 in 1935 when SS was enacted.
It was always designed and intended to be a ponzy scheme, it was never intended to be what it has become.