Why Social Security Needs a Fix in the First Place
Social Security’s combined trust funds are on track to be depleted in the next several years, at which point the program would only be able to pay out benefits from incoming payroll tax revenue — enough to cover roughly three-quarters of scheduled benefits.
That looming shortfall has pushed policymakers and think tanks to float a range of possible fixes, including raising the full retirement age, lifting or eliminating the cap on income subject to Social Security payroll taxes (currently capped at $184,500), and now, a new idea aimed squarely at how COLAs are calculated for higher earners.
Very true, I don’t want to sound harsh but the funds were designed for the people that put their hard earned money into the system and not for those that decided to be irresponsible, next the system and do away with the freebies.
Social Security was and remains a non-optional retirement investment by workers. This has been raided by all kinds of social benefits instead of dedicated to the people who have invested in it for retirement. The problem is not people using the mandatory retirement funds, it is the people who have not invested “one dime” in the system and its multi-uses which it originally was never intended to support. Leave the retired alone and fix the raping of the system.
Trust fund ? We trusted them with our money and they stole it !!!