martyp
Thinks s/he gets paid by the post
Historically, SS was designed to have some connection between taxes collected and benefits paid. Removing the wage cap would result in large benefits being paid to wealthy individuals. Means testing would sever the relationship between taxes paid and benefits received. It would turn it into a wealth transfer program.
At a minimum the retirement ages need to be adjusted up (as was done in the '80s). I think you could probably tweak the wage cap up some and means test some of the benefits without negating the original philosophical foundations too much though it may be a slippery slope.
At a minimum the retirement ages need to be adjusted up (as was done in the '80s). I think you could probably tweak the wage cap up some and means test some of the benefits without negating the original philosophical foundations too much though it may be a slippery slope.