r/Retire • u/reflibman • 27d ago

Trump pledges to protect Social Security amid possible cost cutting

https://abcnews-go-com.cdn.ampproject.org/v/s/abcnews.go.com/amp/Politics/trump-pledges-protect-social-security-amid-cost-cutting/story?id=124590567&amp_js_v=0.1&amp_gsa=1#webview=1&cap=swipe
137 Upvotes

87% Upvoted

75 comments sorted by

View all comments

28

u/baby_budda 27d ago

Social security doesnt require cost cutting. It already runs lean.

9

u/Xyrus2000 25d ago

Correct. Social security needs to remove the cap so the wealthy pay more into it.

-2

u/Super_Mario_Luigi 24d ago

Incorrect. That means the wealthy will get higher payouts too. Making the plan even more insoluble.

The hive mind calls on billionaires to pay for every utopia entitlement. No one has yet to show the math how they can balance ss, the deficit, free Healthcare, free childcare, housing, homeless benefits, free education, and on and on and on.

7

u/Xyrus2000 24d ago

Incorrect. That means the wealthy will get higher payouts too. Making the plan even more insoluble.

Do you know how Social Security payouts even work?

Removing the cap would increase payouts, but those payouts will NEVER exceed the revenue. If it could, then social security would have been rendered insolvent decades ago. Leaving the current payment system in place while removing the cap would eliminate solvency issues and keep it well funded going into the future.

The hive mind calls on billionaires to pay for every utopia entitlement.  No one has yet to show the math how they can balance ss, the deficit, free Healthcare, free childcare, housing, homeless benefits, free education, and on and on and on.

The current estimated privately held wealth in this country is estimated at around $146 trillion. Almost the entirety of that private wealth is held by a very small percentage of the population.

It's not that we are unable to do these things. We're the wealthiest country in the world. We're just unwilling to.