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TokenBoomer@lemmy.world

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No, Elon Musk, Social Security Isn’t a “Ponzi Scheme” (inthesetimes.com)

submitted 10 hours ago by TokenBoomer@lemmy.world to c/progressivepolitics@lemmy.world

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Right-wing billionaires have long wanted to shred the safety net. Under Trump, they’re using lies and fears over the deficit to debilitate Social Security.

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[–] Carvex@lemmy.world 27 points 9 hours ago (1 children)

Those who hate a senior safety net so much have never paid into it, thanks to the 176k tax limit.

[–] TokenBoomer@lemmy.world 18 points 9 hours ago* (last edited 9 hours ago)

Exactly:

A similar reform could be instituted today, say by lifting the cap on earnings that are taxable by Social Security (currently $176,100).

They don’t want to pay into or keep an insurance program that they will never need. To keep it solvent, they would have to pay more into it, and they don’t want to, so they just want to get rid of it.