What's not clear to many Americans is whether they would be better off with a smaller or larger Social Security system altogether.
Within the next month or so, the House of Representatives will likely pass the Social Security 2100 Act, which would make Social Security solvent by imposing super-sized tax increases.
Under the act, a worker earning an average of $30,000 a year would receive $333 more in Social Security benefits.
The irony is that while everyone would receive more benefits than they currently do under the Social Security 2100 Act, those benefit increases would be less than if they had just kept their money and saved it on their own.
That's because, despite what politicians say, Social Security is not a personal savings program.
As our analysis shows, workers of all income levels would be better off keeping their own money than paying higher taxes and receiving higher Social Security benefits.
Researchers at the University of Pennsylvania's Wharton School of Business looked at both the Social Security 2100 Act and a smaller, more targeted Social Security reform-something similar to The Heritage Foundation's proposal, including raising the retirement age, reducing benefits based on wealth, and lowering cost-of-living adjustments.
https://www.dailysignal.com/2019/06/18/why-a-bigger-social-security-program-would-make-us-worse-off/
Within the next month or so, the House of Representatives will likely pass the Social Security 2100 Act, which would make Social Security solvent by imposing super-sized tax increases.
Under the act, a worker earning an average of $30,000 a year would receive $333 more in Social Security benefits.
The irony is that while everyone would receive more benefits than they currently do under the Social Security 2100 Act, those benefit increases would be less than if they had just kept their money and saved it on their own.
That's because, despite what politicians say, Social Security is not a personal savings program.
As our analysis shows, workers of all income levels would be better off keeping their own money than paying higher taxes and receiving higher Social Security benefits.
Researchers at the University of Pennsylvania's Wharton School of Business looked at both the Social Security 2100 Act and a smaller, more targeted Social Security reform-something similar to The Heritage Foundation's proposal, including raising the retirement age, reducing benefits based on wealth, and lowering cost-of-living adjustments.
https://www.dailysignal.com/2019/06/18/why-a-bigger-social-security-program-would-make-us-worse-off/
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