Description
The Social Security crisis has been decades in the making. The Social Security Trustees have repeatedly warned that the trust funds are on track to become depleted in the early 2030s unless major reforms are enacted.
Now, Senators Elizabeth Warren and Bernie Moreno have announced their fix: Tax the rich.
They're proposing to eliminate the Social Security payroll tax cap, arguing that higher-income earners should continue paying Social Security taxes on all of their income.
But would that actually solve the problem?
Short answer: no—and it could actually increase future liabilities under the current benefit formula.
There are many ways to give us extra time with Social Security, but this isn't one of them. Means testing, investment-based systems like Canada's, and others would be far more effective.
But nothing will ultimately work—because the system is mathematically unsustainable, down to its fundamentals, in a way that simply cannot be fixed.
The only solution is to let everyone get out of it and provide for their own retirement. Any reforms should merely buy people enough time to do it.
Remember the basic principle of how Social Security works: Politicians take your money and squander it.
Warren, Moreno, and the others do NOT care about you—they only care about how much longer they can continue the grift.
From the 12 July 2026 Bogosity Podcast.
How to Argue for Social Security https://www.youtube.com/watch?v=cS_1454Tb_w
The Social Security fix that would send tax rates soaring https://reason.com/2026/07/09/the-social-security-fix-that-would-send-tax-rates-soaring/
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