Elon Musk plans to destroy Social Security

[patphil]

59. Ponzi scheme? Yeah, right.

Employees and their employers contribute money to the fund throughout all the years that the people work at their various jobs.
There is always new money coming in to replace the money being paid out, but the amount coming in is not keeping pace with the amount being paid out each year. Right now, about $176,000 is the maximum amount taxed at 6.2% for both employee and employer.
Based on the cost of living, the number of people receiving Social Security, and the increase in life expectancy, it's not enough to sustain the System indefinitely. I'm not in a position to know what dollar amount would be sufficient, but bring it up a few thousand dollars a year isn't working.
I personally would like to see a much larger yearly increase to compensate for how much would be needed to pay back to the contributors when they reach the age of eligibility...perhaps 2-3 times what it is now.
Musk would rather just see the payout decreased to keep the System solvent, but that would be tragic to the 71 million receiving benefits, many of whom need this money to live in an ever more expensive economy.
I think his real concern is simply that he has to pay that 6.2% tax for each of his employees. To put it in plain terms, he a billionaire who doesn't give a shit about the rest of us...calls us parasites.
If he wants to see the true parasite, he should look in a mirror. He's not paying his way for all the wealth he has acquired because of us. We support him through supporting his companies.