most of the entry-level jobs are 18-25 bucks an hour, so FICA got a raise without congress raising the rate.(also - the feds got more income tax revenue without raising any rate)
I’m guessing the feds will first attempt the same kind of algorithm they used in the 80’s. It kicks the can down the road again.
The rate hasn’t been raised since 1990.
This is total nonsense. Why are there no forecasts for Medicare to go bankrupt? Because they don’t have a stupid law with a stupid fake trust fund that is supposed to be where the money comes from.
Everyone knew in 1935 that the trust fund was a ploy by Roosevelt to get the FICA law passed by Republicans. By paying into Social Security, it made people believe they had a stake in a retirement plan.
It is an entitlement program like Medicare that should simply be paid like every other Federal expenditure by having the funds transferred from the Federal Reserve. How do we fix SS and not cut benefits? Eliminate the trust fund and the stupid 75-year Board projections from the law and just pay the damn bill.