Russell Johnson’s answer to Should the wealthy collect social security? I consider myself a conservative, but the point of social security is to help people who need it. – Quora
I believe you are incorrect in your statement that “Social Security is to help people who need it.”
The Social Security Act of 1935 says the following;
“An act to provide for the general welfare by establishing a system of Federal old-age benefits, and by enabling the several States to make more adequate provision for aged persons, blind persons, dependent and crippled children, maternal and child welfare, public health, and the administration of their unemployment…”
Quite honestly, this nation is too interested in ensuring those who don’t deserve a benefit don’t get a benefit. It’s estimated that Elon Musk was done with his contribution to SS for 2021 by the end of the day on January 1, but that’s another Post.
This law aims to lift all seniors out of poverty during their retirement years.
I would make two changes to how we implement this general welfare program. First, the cap on earned wages must go. It should not matter how much someone has earned over the course of the year. All earned income should be subject to the FICA tax. This would have two immediate effects. First, Social Security would be solvent from this point forward. Second, assuming the wealthy don’t find some way to poison it, this tax should be reduced. With the additional funds flowing into the SSA, everyone would benefit through a reduction in the tax rate.
But to answer specifically, everyone should receive some form of social security. It’s the least we can do after a lifetime of living. It’s the right thing to do. Just as it’s the right thing to do to implement no cost to the end user healthcare. There are certain things that should be handled through cost sharing. Healthcare, childcare, education, and basic needs are among those.
How can 74 nations with less income per capita than the US have these general welfare programs, but we can’t afford them?