Social Security is an impossible bureacracy I know, but a statist friend seems to think it will be able to work if the taxable cap is raised from $90,000 to some higher cap to include the “rich”. What should I reply to convince them that SSA is unworkable?
What do you mean by “taxable cap”?
I mean the wage base, sorry.
Just ask your friend why people can’t save their own money for retirement. If some people receive more in social security than they could save in real life, that means either a deficit is 100% certain to occur, or else other people are receiving less in social security than they could save in real life in order to balance the budget, in which case the latter have no reason to buy into social security.
If he doesn’t understand the idea of forcing someone to pay into social security when they’ll end up with less money afterwards, all is lost.