From my uninformed perspective this seem like a rather big and sensible lever toward rebalancing US national finances. The actuarial math must have changed significantly since the inception of the program, no?
Not significantly compared to other changes. SS taxes are at a much higher rate than when the program started. The workforce is also vastly more productive enabling a much higher standard of living.
What ended up happening is we rebalanced the program based on a lot of positive changes and used a huge ‘surplus’ to subsidize government borrowing, and nobody wants to adjust for any negatives ever.
What ended up happening is we rebalanced the program based on a lot of positive changes and used a huge ‘surplus’ to subsidize government borrowing, and nobody wants to adjust for any negatives ever.