Jon Walker argues that worrying about how to keep Social Security ‘solvent’ for 75 years is silly. After all, predicting the future 75 years out is difficult. Something like this might happen:
Epidemics caused by drug-resistant bacteria in 2020 could kill a disproportionally large number of seniors.
By around 2060, the exponential growth in computing power could result in humanity reaching the technological singularity giving us almost god-like powers to control ourselves and our environments to an extent that is unimaginable.
Walker is being facetious, but I also think there’s a more basic point about the Social Security estimates that predict its DOOOMM!!!–they posit an ahistorically poor economic performance. For several decades. The U.S. economy has never performed that poorly. Ever.
And even in that case, we can raise payroll taxes then (and compared to the previous hikes of 100%, they would be smaller), or, if we do want to worry about a thirty year (27 to be precise, although it fluctuates from year to year) economic meltdown today, we can simply remove the cap on the payroll tax (currently, a family only pays payroll taxes on the first ~$106,000, making this a regressive tax that brings in an amount equal to about 85% of income tax revenue).
The Social Security crisis–which doesn’t exist–would be so easy to fix. But instead of worrying about the real and current employment deficit, our political betters want to screw over the elderly.
And since this is a depressing post, I’ll leave you with some appropriately themed Desmond Dekker: