It’s “running out of money” in the sense that there’s a projected shortfall, not that it’s going to be bankrupt in the near future. The projected shortfall means covering 80% of benefits in 2034 and covering 74% of benefits in 2097. But there are many proposals to address this shortfall and the Office of Chief Actuary collects all proposals and even provides a summary of each proposal and how much of the shortfall it will cover (PDF). So you don’t need to “have it both ways”; we can address the shortfall without reducing benefits.
You’re also claiming it’s a scam when it isn’t. The purpose of Social Security is to alleviate poverty for seniors and it does that. Further, people receive more in benefits than they pay into the program, especially those of low-income who need it most (PDF). Lastly, regardless of your personal situation, the notion that private retirement investments would be better than social security for everyone is disputed.
wintermute_oregon@lemm.ee 2 months ago
All involve increasing taxation which doesn’t interest me. I have zero interest in paying more to a mismanaged program. If they raise rates. I’ll just retire.
tswiftchair@lemm.ee 2 months ago
Some involve increasing payroll taxes while others involve taxes on corporations or investments. There’s also non-tax based proposals like raising the retirement age.
The program is not mismanaged.
This is not socialism. Further, every US president, including Republican, has supported or enacted legislation upholding social security since its inception.
wintermute_oregon@lemm.ee 2 months ago
If It was managed properly, they’d have the funds. They don’t because it’s been mismanaged.
Increasing taxes isn’t a viable solution. We are already heavily taxed. I’d like to keep some of my money for myself.
How much more are you willing to pay to prop the system up? Another 6%?
tswiftchair@lemm.ee 2 months ago
First, they do have the funds. The shortfall is a future projection. Second, this assumption is incorrect. There are a variety of factors that will affect the future income and cost of the program. Retirement of Baby Boomers and lower birth rates are two examples.
When combined with other proposals, it is a viable solution in that it solves the problem of the shortfall.
This is a matter of opinion.
I don’t know your personal situation but virtually all Americans keep the lion’s share of their money when it comes to taxation.
I personally would be willing to pay more taxes for more services, including social security, universal healthcare, and others.