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this post was submitted on 09 Jul 2023
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You Should Know
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No, it's not.
https://www.marcumllp.com/insights/no-social-security-is-not-going-bankrupt
While the current expenditures predict, without any action, one of the funding sources for social security, the trust fund, will deplete in 2032, payroll taxes still exist.
A simple fix -- remove the cap on the ssa taxable cap. Currently, only income under $160,200 (2023) is taxed for social security. Removing, or simply raising that cap opens up solvency for decades.
That cap is one of the biggest fuck you to the public. Ohh you made too much money, ok, you don't need to fund social security anymore.