The Social Security Trust Fund is running low and may not have enough income to to pay the expected outflow and it will then need to start reducing payments such that income and outflow balance. Sometime in the 2030’s is projected.

Currently an employee contributes 6.2% of income up to $160,200 (in 2023), with the employer matching that 6.2%. If they really can’t get rid of the cap on the employee’s side of the equation, why don’t they get rid of the cap on the employer’s side and let them continue to contribute 6.2% of income with no cap? That should put a bit more money into the trust fund.

Some Fast Facts & Figures About Social Security.