10 years ago
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The Effect of Rising Inequality on Social Security
Rising earnings inequality, which has led to an upward redistribution of income, has taken a significant toll on Social Security’s financial outlook.
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First of all the "trust fund" is no more than an unfunded ledger entry. It is recoverable only by future taxes. Second, on average beneficiaries do not live to recoup their contributions, much less those who max the tax. To frame Social Security as an "income inequality" issue is misleading to serve an obvious agenda. Finally, and more to the point, the past raiding of the surplus, which is now represented by the "trust fund" give historical documentation/perspective as to how any assets the fund might accumulate would be handled/used.