If Congress does nothing, by 2033, all 71 million Social Security beneficiaries will face an automatic ~23% cut to their benefits. But in addition to being avoidable, this is actually a manufactured crisis stemming from deliberate policy choices by our representatives that have made Social Security both insolvent and regressive on behalf of the top 1%​​.

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HOW TO FIX SOCIAL SECURITY ​

Social Security payroll taxes are currently capped (see graphic below). So once someone earns above the FICA wage cap ($168,600 for 2024), they no longer have to pay any further Social Security taxes. That means a billionaire like Elon Musk pays the same dollar amount into Social Security as someone earning $168,600. How does that make any sense??

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According to the bipartisan Committee for a Responsible Federal Budget, simply eliminating the payroll tax cap, without increasing benefits tied to those additional earnings, would close about 70% of the projected shortfall. Add on a few minor reforms, such as means-testing benefits for high earners and a small 0.9% surtax on wages above $300,000 (identical to the existing 0.9% Medicare surtax), and this so-called Social Security crisis would be solved.