- Nov 16, 2015
- Reaction score
What does that mean, 'eliminating the earnings cap?'Social Security is not a scam. It needs to be "fixed" to be made whole for the long term, otherwise benefits will be cut.
Social Security needs to be "fixed" by removing the earnings cap.
The benefits can be paid, have always been paid and should always be paid. Here is the Trustees Report for 2020:
Trustees Report Summary
The Social Security program provides workers and their families with retirement, disability, and survivors insurance benefits. Workers earn these benefits by paying into the system during their working years. Over the program’s 84-year history, it has collected roughly $21.9 trillion and paid out $19.0 trillion, leaving asset reserves of $2.9 trillion at the end of 2018 in its two trust funds.
Considered separately, the DI Trust Fund reserves become depleted in 2052 and the OASI Trust Fund reserves become depleted in 2034.
Social Security fixes: Eliminating the earnings cap is a no-brainer.