this post was submitted on 04 Jun 2024
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[–] Vent@lemm.ee 1 points 5 months ago (1 children)

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.

[–] Dkarma@lemmy.world 5 points 5 months ago (2 children)

Nah you just make it needs based. Rich ppl don't get a check from ss

[–] MNByChoice@midwest.social 1 points 5 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 -2 points 5 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.