Democratic Senator Introduces Bill To Lift Social Security’s Tax Cap, Extend Solvency For Decades

[Not Sure]

30. I have never understood why there is a cap

Rich people don't always stay rich. Bad investments, fraud, major medical issues and accompanying costs, etc. can make a rich person poor in no time at all. When your retirement funds are gone, you have to rely on Social Security. That's why SS is often referred to as a safety net: it catches you when you fall and keeps you alive. I think that kind of fall is one of the only ways you can get these jokers to understand what this system is for.

I'm no scholar, but in my opinion, Social Security enabled companies to eliminate pensions as a component of compensation. Eventually pensions became a 401K accounts, which are volatile and subject to losses. Bankruptcies and liquidations have resulted in companies defaulting on pensions or paying pennies on the dollar toward their pension obligations. The workers who stuck it out for that compensation deserve to collect it - it was part of what kept them at the job. In my case, there's no way I'd work for a railroad if it weren't for railroad retirement.

And over the past few years we hear the same greedy bastards telling us that we aren't going to even be able to afford the safety net. First pensions, then 401K accounts, now Social Security. I'm getting awful tired of having the downside socialized so that we all pay for it and the reward privatized so only the rich reap the benefits.

This proposed legislation is a common sense step in the right direction. The rich will bear the costs one way or another. Better to have it up front. As Ben Franklin once said, "an ounce of prevention is worth a pound of cure."