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To set the stage for this inquiry, it’s appropriate to borrow from Professor Walter Burkert, an expert on mythology and emeritus professor of The University of Zurich.
We must determine if Social Security faces a system-wide breakdown, or if it’s falling victim to a deliberate campaign of misrepresentations.
Unfortunately, the national media never seems to get into the details, so this research becomes necessary.
For the facts, let’s turn to NASI, the National Association of Social Insurance.
This is a non-profit research group that analyzes the findings of the Annual Social Security Trustees report.
As a result, only 80% of all wages are now subject to Social Security taxes. According to NASI, the decline has occurred because those at the top of the economic ladder who make more than the 113k a year have enjoyed more rapid earnings growth than those who make less than the 113k a year.
To insure the viability of Social Security, we simply need to eliminate the cap and do some modest means testing for top earners.
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These changes can insure solvency for another 75 years.