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Elon Musk earned $160,200 in about 4 minutes. In the first few hours of 2024, over 220 U.S. workers will have likely paid their Social Security taxes for the entire year. In contrast, over 160 million workers will pay during all of 2024.
Another 'irrefutable' argument bites the dust.
Most summaries and studies examine Social Security reform from theviewpoint of federal budget impact, tax rates, and thesurvivability of the system, but few consider the overall impact ofreform on the workers it was designed to benefit. Social Securityshould not be reformed or "saved" for its own sake, but only if itmore effectively provides the benefits workers need at a price theycan afford.
Inflation dictates the annual benefit adjustment, known as the COLA, for retired Americans. This year’s boost, which will be announced on Thursday, is expected to be big.
A reformed Social Security with personal retirement accounts can domuch more than reducing the program's coming fiscal problems. Itwould also allow workers to build family nest eggs; give workersgreater asset control; strengthen communities' economic base; yielda higher rate of return; and allow workers benefit ownership.