I know that SS is supposed to be a retirement and disability "insurance", and not state-sponsored welfare. We all begin paying SS as soon as we begin to work, and it's gotten to be higher than our payroll tax, so we definitely all deserve a return on that "investment." It's very obvious, though, that certain people need the benefits much more than others, and some don't really need them at all. For those who are struggling just to survive on only SS, their payments should be increased to a level which allows them to live in dignity. For those for whom SS is merely an additional and minor income, the payments should remain the same, or maybe even be lessened. Someone who's worth millions or billions of dollars doesn't need to draw Social Security.
Look, I don't really know what it is! But I believe its like the dole in Australia. Is payment for people who need it but has become for lazy people who don't? I think it should not be increased due to the fact if it gets increased more people will try to get it and will stop working to get money and the will ruin everything. People who work hard for their money shouldn't have to give it away to lazy people. I still believe people who really need it should get it. In Australia the dole was originally created for people who had lost their job because their company or employer went broke, it was suppose to support them until they could find other work, but it has been abused badly. Mainly scummy people use it. The dole people most of the time get more then the people who work hard for their money, which isn't fair. If it gets increased it will be more unfair and their will be no point for hard working people to work.
To Idealist: You have not been paying in to anything. That money goes straight to beneficiaries or to pay for pet projects for congresspeople, and has no relation to what you eventually receive from SS. And the program is insolvent. Beginning in 2010, it paid more in benefits than it received from withholdings. The deficit since then has been paid using borrowed money that has increased the national debt. That's because the trust fund is a fiction; it has no money. It's comprised of bonds, whose interest and principal payments come from general tax receipts.
I agree that SS should be means tested and only received by those who really need it. If we did that, raised the retirement age, reformed Medicare and Medicaid, and reduced "discretionary" spending, we could probably increase SS welfare payments. Until then, we're robbing the young to pay the old. When SS was created, more than 40 people supported each retiree. Today that number is three. If I were in my late teens or early twenties, I'd be pissed.
Social Security shouldn't even be taxed. The government needs to stop funding this, and we the American people should stop paying for it. It isn't the 1930s anymore. And anyway, people abuse it to get free money from the government by doing nothing all day. I don't wanna pay someone to do nothing all day. Would you?