And to think that Social Security is in worse shape than this.
IL is going to need a bigger lockbox.
And to think that Social Security is in worse shape than this.
That is a crock too. There is no reason why SS should be in bad shape. Congress stole money for one thing. The 118K threshold is embarrassingly low. When 1/2 the country is getting a raise in October because SS is not taken out that is a problem. SS can be fixed without changing a thing. Raise the cap a bit. Of course most would love to raise the age to 70 when they know most won’t even get a penny as they will be dead.
Social Security could have been saved at any time in the past twenty years by tiny incremental changes to benefit rates of increase, retirement ages, or withholding rates. Even today, Social Security could be saved by fairly painless changes to benefits, retirement ages, or withholding rates.
The problem is, whenever anyone suggests these changes, politicians (mostly on the left) lie and say no changes are needed. And our media, who knows full well that changes are needed, supports them fully in their lies. So around 2030, social security will run out of money and the changes forced on people then will be enormously painful.