According to the central bank, those born between 1981 and 1996, better known as Millennials, control only 4.6% of the wealth in the country even though they make up the majority of the workforce, with around 72 million people.
While it is not unusual for younger people to accumulate
Social security has been 10-15 years away from being insolvent for 80 years. It will always be 10-15 years away from being insolvent because of the way it’s calculated.
When the CBO or whoever scores it they can predict certain things like the number of recipients, the size of their payments, and inflation. They aren’t allowed to take into account things that Congress may (but definitely will) do in the future, like raising the cap on social security taxes roughly with inflation. It went up from $160200 in 2023 to $168600 in 2024. This is a rare bipartisan, uncontroversial thing. Congress almost always follows the SSA recommendation exactly.
It would be more accurate to say “if the social security cap stays at $168600 for 10 years, social security will be insolvent.”
The people pushing this bullshit know it’s bullshit. They do it to make people think they’ll never get social security so they can get enough voters on board with killing it, like they’ve been trying to do for 88 years.
Don’t fall for it.
I wish I could upvote you a thousand times. In my opinion the cap shouldn’t exist at all.