Social Security, interest on the debt, Medicare, and the like already total more than the Federal government takes in through taxes. Everything else, every dime the government spends, is borrowed money. Social security spending grows every year, because it must. Social Security and Medicare are breaking us.
So the powers that be have a solution. The idea is that Social security will become a means tested program. In other words, it is OK to cut off SS payments, as long as it is only “the rich” who are getting screwed. Make more than whatever arbitrary amount of money that they decide is “enough,” and all of the money that has been taken from you for the past 50 years- 15% of everything you have earned is an “unplanned donation” to those who make less than that.
Let’s say that a person made an average of $50,000 a year from the time he was 18 to the time he turned 40. Then made an average of $100,000 until age 55, and an average of $175,000 until normal retirement age, 67. At 67, he was making $200,000. Not far fetched for a person that was say, a doctor. Over his lifetime, this person would have paid about $740,000 in Social Security taxes. Had he invested that money over the 49 years of his working life, it would be worth nearly $10 million. Instead, he retires and finds out that since he makes too much money, he gets nothing. Millions has been stolen from him.
Does that sound far fetched? Both Donald Trump and Joe Biden are on board with the idea.
I understand that cuts must be made. However, singling out the successful so that they fund the unsuccessful will do nothing but force the successful to stop working. Who is John Galt?