Actually, it's more like paying $50 for a $10 hamburger so the government can play Robin Hood and give 4 other people who produced nothing a hamburger on your dime.

Just ain’t going to happen…

Cuts for current retirees.................ain't going to happen.

Jus fear mongering.

:)

SS has nothing to do with income tax. There should be no income related rules for receiving SS. If you don’t want to work when younger you don’t get any SS when you are older, this isn’t a giveaway plan.
SS was never intended to provide you enough money to live on, you have to take responsibility to provide your own income while in retirement, it’s called savings instead of spending every $ you make while working.
SS requirements cannot be changed for you once you are grandfathered into the plan, I hey can only change things for new enrollments.
The government has made it possible for decades for people to make it easier to save for retirement, it’s called the 401k option. Most people either don’t use this option or fund it poorly. You can take a horse to a water trough but you can’t force it to drink.
I paid the maximum I could into my 401k plan for decades, but I also invested 60% of my income into the stock market while working.
1 more thing, you aren’t going to get rich investing in the high cost low gains funds in these 401k plans. Every time I quit a job; I moved my 401k plans into my own IRA account so I had the freedom to invest all of this money anywhere I wanted, no restrictions.
No congress is going to make any unpopular SS changes so we will probably end up with lower SS benefits in 8 years

Young people and everyone else working should be putting 15% of their income into Index Funds with minimum fees that go up as the market goes up. Yes, FIFTEEN %. This is IN ADDITION to what they pay into Social Security. Then they well probably be able to retire to The Villages someday. Meanwhile, workers and employers should each pay an additional 1% in Social Security taxes. This is such an easy fix, and it should have been done long ago. 1%! (It hasn’t been done because so many legislators don’t count on Social Security to get by when they retire, and they listen to businesses who say that 1% comes out of their profit.

I realize that investing 15% with every paycheck means young people and families may not be able to afford that new SUV or that big house or those restaurant dinners or those fancy vacations or a lot of things. But we’ve all read complaints here from people who live only on the Social Security payments they get. I feel bad for them. But if they had done what I recommend, they wouldn’t be in this situation today. My ex-wife and I scrimped and saved, and now we don’t have to worry. I see young people driving $50,000 to $90,000 trucks and SUVs and buying 3,000 sq ft houses and spending $100,000 on remodeling their kitchens and bathrooms, and I wonder how much they are saving for retirement. And putting it into CDs or savings accounts like my parents did won’t do it. My parents saved for decades but put the money into CDs and savings accounts, so the money they have in the accounts has grown, but always less than the inflation rate. Meanwhile, the money I put into mutual funds has quintupled. (But we still need mandatory social Security contributions.)

Social Security
 

Well, the kicking the can down, the road has finally reached a dead end. No matter who was/is in office or which party is in control, Social Security is going to be insolvent by 2026. Millions of illegals they gave SS didn’t help. Many years of blame to go around. Major changes have to happen. Spending and corruption in government has to stop.

I read the same article. The chart at the end has fine print that says the cut would apply to new retirees not existing ones. I do think that annual income that the SS tax applies too should be raised, it has not been raised in a long time.

No, not 2026. It will be partially insolvent (able to pay 80% of benefits) in 2033.

The annual income that is subject to SS tax gets raised every year (the cap). I suspect you mean that there should be no cap on the income that is subject to SS tax.

If you subject all earned income to FICA and raise the tax by 1% (50/50 between employer and employee) the program would be solvent for a min of 50 years.
Per a prior SS study.

Illegals do not receive SS.

Illegals *pay* SS as employees so fewer illegals -> fewer employees -> less SS tax collected -> sooner the trust fund is depleted

On a positive note, today is the 60th anniversary of Medicare & Medicaid.

President Johnson signs Medicare into law | July 30, 1965 | HISTORY


Lyndon Johnson's Great Society initiatives probably did more to shape the daily lives of Americans, than any President in our lifetime.

No, everyone would see a reduction in benefits.

How does a possible 21% shortfall equate to $18k loss? Who is being paid $90k, or so, by SS?
Need to raise SS tax rates to those who earn more than $175k.

Including FICA “contributions “ in the federal budget was done by President Nixon and Wilbur Mills, Chair of the House Ways and Means Committee back in 1972. This was called “dynamic finance”, and was a way to hide deficit spending until the benefits expended surpassed the revenue collected. All this could have been avoided with a minuscule FICA increase 25 years ago, but now the chickens have come home to roost.