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re: The payroll income cap increases every year. Why is SS going broke?
Posted on 4/3/24 at 2:22 pm to WildTchoupitoulas
Posted on 4/3/24 at 2:22 pm to WildTchoupitoulas
quote:
Then why is it officially called the federal "Old-Age, Survivors, and Disability Insurance "(OASDI) program?
Why are premiums paid out through the, "Federal Insurance Contributions Act" (FICA)?
Maybe we should finally go ahead and acknowledge it for what it is.
You are right, the disability portion is an insurance program. The retirement part is a forced, earned and paid for benefit.
1
Posted on 4/3/24 at 2:35 pm to armtackledawg
quote:
"Old-Age, Survivors, and Disability Insurance"
the disability portion is an insurance program
It's "Old-Age, Survivors, and Disability insurance"
quote:
The retirement part is a forced
Originally it was designed as a retirement insurance program. In order for it to get Republican votes, they had to make everyone paying in eligible for benefits. Now that it's broken, they need to remove that requirement that everyone is eligible and just means test. There is no reason that people like Donald Trump, Warren Buffet, Elon Musk, Bill Gates or Jeff Bezos need to be taking Social Security when they retire. NONE.
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