Invest the SS Trust Fund in the stock market under the watchful eye of a “fiduciary”. {{ LOL }}
Commenters to the article note that raising the FICA cap to its historical percentage of all wage & salary earned income is less risky. (in recent decades a larger portion of the national income is going to the top brackets, beyond the reach of FICA taxation.) As hotel magnate Leona Helmsley observed, “taxes are for the little people.”. Talk about saying the quiet part out loud.
Didn’t a President propose this back around 2006 or so?
free link:
https://wapo.st/40CRNXC
intercst
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Kayfabe will probably be used to handle the projected SS shortfall in 2033 ( or 2034, the year changes ). TPTB will just tell the people some story about how that is not really a cut, and to not believe their eyes as the smaller amount is deposited into their checking account. It has worked like a charm so far.
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Yes, it’s been suggested before. Stock market can do well but corrections do happen. Fine in good times but disaster when market tanks. Do you borrow money to pay benefits? Sell in a down market? Hold enough bonds to pay benefits til recovery?
It’s bad enough when 80% of company stock is owned by institutions. Imagine 95% owned by the govt. Who votes the shares? Who elects the directors? Is that really a free market? Will it be efficient? Can they grow earnings? Or will they demand max dividends?
Sounds good but many difficult issues.
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Eliminate. The. Cap. (on individuals, leave it where it is for businesses).
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