I mean it ran at a surplus for 30 years until 2009 when boomers started retiring, still has over 3T in assets. How can you claim it's adding to the deficit?
If it's removed and replaced with nothing do you just let old people die in the streets? Or did you want to keep the tax but stop paying out? I don't see how the outcome is different then.
Increase income tax on the wealthy? It's not hard, you used to do it.
>I mean it ran at a surplus for 30 years until 2009 when boomers started retiring, still has over 3T in assets. How can you claim it's adding to the deficit?
It takes money from the general fund in the form of interest payments. And the CBO assumes that when the 3T in assets run out in about ten years, there will be some kind of continuous bailout whereby money from the general fund is used to plug the shortfall.
>If it's removed and replaced with nothing do you just let old people die in the streets?
You don't have to remove it entirely. You could implement means testing so that only those who truly need it receive money.
>Increase income tax on the wealthy? It's not hard, you used to do it.
It wouldn't generate enough revenue. Social Security and Medicare, and their associated interest payments are expected to run a ~100T deficit over the next 30 years. If you want to go the "just raise taxes" route to bridge that, you'll have to raise taxes on everybody. If you doubled middle class taxes and implemented a 20% VAT, it might raise enough to stabilize social security and medicare. But that would be the largest tax increase in American history, and Americans would receive no new benefits in return.
If it's removed and replaced with nothing do you just let old people die in the streets? Or did you want to keep the tax but stop paying out? I don't see how the outcome is different then.
Increase income tax on the wealthy? It's not hard, you used to do it.