re: Why should my Social Security be cut.

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I paid into it expecting my current meager return

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So how much did you actually pay in and how much have you received?

The IB plan for Social Security

1) replace the payroll tax with a national sales tax on all transactions that adjust every year to pay SS benefits

2) require employees with employer match (5 from each) to save 10% of all pay

3) no SS could be drawn until savings in number two had been completely withdrawn at the same rate as SS—-in ten years the payments from savings would likely be more than the SS paid out—the tax in number one would be much smaller——anything in the savings would be passed on to heirs at death and this would have a HUGE impact on overall poverty levels

The tbills held in the SS trust fund could be returned to the treasury resulting in a one time huge paper surplus.

No one would lose benefits and SS would over time become much smaller. Employees would be much better off.

lies ss wont be cut

The fat calf known as America is ready for the slaughter… to be divided up amongst those who hold the power. It’s not property of the American citizen anymore. Socialists, communists, corporations, illegals and vile/disgusting politicians own what our fore fathers left us.

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I also think the government will propose means testing to see who qualifies for SS benefits.

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OK, but I'll have zero assets personally. Ya see everything would be titled in my Living Trust of which I'm merely a trustee of the assets, they don't belong to me. So means test away, I'll get the max benefits.

I don't expect to see my return of payments I've made thus far. Which isn't very much currently but just knowing it won't be returned as promised really upsets me. I won't be eligible to collect for another 40+ years.

how about Congress return the money they stole from it to fund their retirement fund, at the time they said they put in an IOU, not paying it back means it was outright theft.

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I expect the cap to be completely lifted at some point, I also think the government will propose means testing to see who qualifies for SS benefits. If you worked 45 years and have a net worth of $3 million because you lived within your means and invested prudently you'll get a reduced SS benefit vs the person who had the same earnings as you but fricked around and didn't build a retirement nest egg.

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Yeah, the OP asked why "should" it be cut when the correct question is why "will" it be cut. And the answer is that Congress will always take the easiest, most self-serving path. They shouldn't, but they will. 100%.

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I don't expect to see my return of payments I've made thus far.

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While ROI could be 'adjusted,' insofar as the contributions constitute a debt to you as a lender to the US by law, it's likely you'll at least have a Constitutional right to compensation for those, probably with some interest.

Having said that, SS isn't going anywhere, because the 'beneficiary' is actually the US government, not you as the supposed the recipient of 'benefits.' SS is a forced lending program from you to the government.

Here is how Social Security occurred. At inception in the Depression Era and on the cusp of potential world war, the US government needed funds. At the time, the US could issue borrowing instruments in addition to taxes and levies, e.g., sale of treasuries, savings bonds, etc. But during the Depression, ability of the populace to fund US debt was limited.

So FDR came up with a way to force such funding. It was the Social Security Act.

By taking money from the entirety of the workforce, half from employers and half from employees, then distributing a portion to 6% of the population (those >65yrs), FDR got his funding.

The genius was (1) Many manual workers over 65 had no retirement, struggled to do their work and were destitute. (2) Younger workers envisioned that destitution as their future plight. (3) By dividing SS tax 50:50 with employers, the financially unsophisticated populace thought they were getting a real deal -- 50% off!

The SSA was successfully marketed as a "retirement benefit," rather than a forced lend.

Ironically, SS is still perceived that way by most Americans. Meanwhile, compared with Treasuries, Bonds, and other instruments, SS remains far and away the least expensive borrowing instrument the Federal Government has at its disposal.

Thank you! I appreciate the info.