Re:How and Why Athletes Go Broke (2009)
by mobilefriendly on Friday February 09, 2018 @08:20PM
(#16345269)
Payments have always been capped (maximum taxable earnings), your history is factually wrong. Congress spends the surplus but the only actions ever taken by Congress on the revenue side of Social Security have been to increase taxes paid into the system.
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Re:How and Why Athletes Go Broke (2009)
by Spooky23 on Friday February 09, 2018 @09:02PM
(#16345414)
The cap didn’t increase with inflation, which impacted collections.
In effect the payroll tax was spun up in the 80s and used as government revenue via special bonds. But as the surplus as waned due to increased payments, the cap didn’t move and the government’s spending power to bridge the gap was reduced by our post-2001 perpetual war.