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this post was submitted on 21 Mar 2024
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"Medicare is projected to become insolvent in 2028, and Social Security will follow in 2033. After that, benefits will be forcibly cut unless more revenues are added."
As of today, payroll tax contributions only apply to the first $168,600 of income.
https://www.ssa.gov/news/press/factsheets/HowAreSocialSecurity.htm
If you remove that cap, or apply it to other forms of income besides payroll, the funding problem pretty much goes away.
Except that's a sham way of framing things that most people use.
The US is monetarily sovereign and can always issue enough currency to meet any demands upon it.
Uncle Sam doesn't go around collecting dollars like a beggar to apply to things. It creates money directly through spending, or backstops the creation of demand deposits by private banks via the reserve system. Money has to be created before it can be destroyed through taxation.
The issue isn't, "Where will we get the money?"
The REAL issue is, "Will we have the infrastructure to care for our elderly?"
Warren Mosler goes over this in one of his better short pieces of literature.
https://moslereconomics.com/wp-content/powerpoints/7DIF.pdf
It's a pity we have three battleships and no moneys. I want no battleship and three moneys
I'd accept one battleship and two moneys if I get to ride on the battleship