Relevance: Deficit situation in the US is only getting more precarious, social security reform **will** need to be part of any serious reform to curb the problem. Article points out the minimal distributive elements in social security that could be curbed to eliminate senior poverty while bridging the funding gap.
Flat_Sail_7985 on
What do we do with the fact that a majority of people’s only “retirement fund” is Social Security? I feel like people dont realize that a good reason this system is turbo broken and never being fixed is its legit all that some people have. “I paid into my whole life, I want it!” type mentality (Which is not an unfair mentality)
hypsignathus on
All of this sounds like a great argument for Social Security reform instead of abolition. I agree with emphasizing Social Security’s role as a means of keeping the elderly out of poverty.
But what about his argument for “benefits” to productivity:
>The point estimates show that a $1 increase in OASI benefits causes earnings in the elderly years to decrease by 46 to 61 cents due to an income effect, and the evidence is consistent with the hypothesis that only current (not future) benefits affect earnings. Under further assumptions we rule out more than a small substitution elasticity. Our results suggest that the increase in OASI benefits from 1950 to 1985 can account for at least half of the dramatic decrease in the elderly employment rate over this period.
well well well when you cut benefits for the elderly, the elderly have to go back to work. The whole point is to prevent that!
slappythechunk on
Pour one out for u/privatize_the_ssa
While I sincerely doubt the program will ever fully go away, I am fully planning my retirement with the base case that I will not see a single dime from Social Security. It will likely become a full-on redistributive program, where everybody contributes, but benefits will be phased out based on net worth, with “well-off” retirees not receiving any benefits.
Maximilianne on
Question: what would happen if you just let seniors live in poverty ? I mean it is not like they can form an angry crime gang and terrorize others ?
Animal_Courier on
I think SS should be a sacred bond among the working class, that we will take care of our own in old age. I think Medicare/medicaid can run off income taxes using a similar logic.
I think the problem is that workers are being asked to carry to many of society’s other burdens, and that they are being stretched very, very thin.
And that’s one of many reasons why I support a land value tax to pay for infrastructure, national defense and other national enrichment and investment projects.
PieSufficient9250 on
We could significantly close the gap in funding by lifting the arbitrary cap on osadi eligible wages. It’s not that hard
fishlord05 on
Thanks Bezos for turning the Washington post into right wing slop
Really great and healthy concentration and use of wealth
Bandit_Heeler2026 on
Horrible, horrible idea. For one, it’s political suicide—everyone loves social security and wants it to be there for them (well, except the uber wealthy I guess).
But even if it were politically viable, it’s a cruel position to take. You’re condemning millions to spend their final, most vulnerable years in poverty. Ending social security means grandma is eating cat food and unable to pay the electric bill.
A far better solution is to just lift the cap on tax contributions for social security, which solves most of the shortfall.
Person_756335846 on
Abolish Social Security. Cap total benefits payout at the amount people paid in during a wind-down period.
If people decide to spend their money on books, entertainment, vacations, and gambling instead of saving, it’s their choice to face the consequences when they can no longer work.
If someone needs the government to tell them to save instead of spending on things they want to spend on, I don’t see how they can be treated as a free and equal citizen.
Bridivar on
Social security is a fine program. And it will get easier to pay down as time goes on. The problem with it right now is the huge boomer generation is going to be incredibly difficult to pay for.
30 years down the line when the population age pyramid is less upside down, social security will be fine.
TDaltonC on
When social security started (90 years ago), 6% of Americans were 65 or over.
Today, 18% are 65 or older.
If we said that “the oldest 6% of Americans get social security,” then today the age cut off would be 77 yo.
We need to reckon with the fact that Americans are healthier and longer lived than ever. With Ozempic here, and pig kidney transplants around the corner, this tension is going to become more and more severe.
12 Comments
Relevance: Deficit situation in the US is only getting more precarious, social security reform **will** need to be part of any serious reform to curb the problem. Article points out the minimal distributive elements in social security that could be curbed to eliminate senior poverty while bridging the funding gap.
What do we do with the fact that a majority of people’s only “retirement fund” is Social Security? I feel like people dont realize that a good reason this system is turbo broken and never being fixed is its legit all that some people have. “I paid into my whole life, I want it!” type mentality (Which is not an unfair mentality)
All of this sounds like a great argument for Social Security reform instead of abolition. I agree with emphasizing Social Security’s role as a means of keeping the elderly out of poverty.
But what about his argument for “benefits” to productivity:
>That’s consistent with what happened when Congress cut some near-retirees’ benefits in 1977: The affected group did enough extra work to make up for[about half of the cuts](https://users.nber.org/~agelber/papers/gelberisensong051716.pdf).
From the abstract of the cited paper:
>The point estimates show that a $1 increase in OASI benefits causes earnings in the elderly years to decrease by 46 to 61 cents due to an income effect, and the evidence is consistent with the hypothesis that only current (not future) benefits affect earnings. Under further assumptions we rule out more than a small substitution elasticity. Our results suggest that the increase in OASI benefits from 1950 to 1985 can account for at least half of the dramatic decrease in the elderly employment rate over this period.
well well well when you cut benefits for the elderly, the elderly have to go back to work. The whole point is to prevent that!
Pour one out for u/privatize_the_ssa
While I sincerely doubt the program will ever fully go away, I am fully planning my retirement with the base case that I will not see a single dime from Social Security. It will likely become a full-on redistributive program, where everybody contributes, but benefits will be phased out based on net worth, with “well-off” retirees not receiving any benefits.
Question: what would happen if you just let seniors live in poverty ? I mean it is not like they can form an angry crime gang and terrorize others ?
I think SS should be a sacred bond among the working class, that we will take care of our own in old age. I think Medicare/medicaid can run off income taxes using a similar logic.
I think the problem is that workers are being asked to carry to many of society’s other burdens, and that they are being stretched very, very thin.
And that’s one of many reasons why I support a land value tax to pay for infrastructure, national defense and other national enrichment and investment projects.
We could significantly close the gap in funding by lifting the arbitrary cap on osadi eligible wages. It’s not that hard
Thanks Bezos for turning the Washington post into right wing slop
Really great and healthy concentration and use of wealth
Horrible, horrible idea. For one, it’s political suicide—everyone loves social security and wants it to be there for them (well, except the uber wealthy I guess).
But even if it were politically viable, it’s a cruel position to take. You’re condemning millions to spend their final, most vulnerable years in poverty. Ending social security means grandma is eating cat food and unable to pay the electric bill.
A far better solution is to just lift the cap on tax contributions for social security, which solves most of the shortfall.
Abolish Social Security. Cap total benefits payout at the amount people paid in during a wind-down period.
If people decide to spend their money on books, entertainment, vacations, and gambling instead of saving, it’s their choice to face the consequences when they can no longer work.
If someone needs the government to tell them to save instead of spending on things they want to spend on, I don’t see how they can be treated as a free and equal citizen.
Social security is a fine program. And it will get easier to pay down as time goes on. The problem with it right now is the huge boomer generation is going to be incredibly difficult to pay for.
30 years down the line when the population age pyramid is less upside down, social security will be fine.
When social security started (90 years ago), 6% of Americans were 65 or over.
Today, 18% are 65 or older.
If we said that “the oldest 6% of Americans get social security,” then today the age cut off would be 77 yo.
We need to reckon with the fact that Americans are healthier and longer lived than ever. With Ozempic here, and pig kidney transplants around the corner, this tension is going to become more and more severe.