A new idea is being floated for Social Security. Read on:
Workers today are on the hook for Social Security taxes with the promise that they’ll be entitled to benefits down the line. Now, imagine someone who’s a higher earner pays those taxes for 45 years, only to then be told, come retirement, that they’re not getting benefits, or their benefits are getting reduced, because they also happened to save really well and have a large amount of nest egg-produced income.
So you will pay the tax and save like you are supposed to. Because your retirement savings are paying interest, you get nothing. Meanwhile, some low life 30 year old drug addict claims that he hurt his back and collects disability for the rest of his life after getting his student loan forgiven.
How is that for fairness?