What seems like a good idea or somehow "fair" is actual a baseless bad idea. First, if someone is not allowed to collect the SS they paid in, they should not have to pay into the system. Even billionaires paid in and they should get their tiny SS incomes. Second, this would not amount to squat unless you start hitting people who earn $30-40 K per year. Third, contrary to popular belief, Social Security has nothing to do with the budget deficit. Social Security is also fine for the next 35 years before the number of people that pay in are exceed by the number of people that collect. This has been known for more than a decade and maybe two or three decades.
We don't seem to be able to concentrate on the real problem of the deficit and keep getting side-lined by "hot topic" issues like this. In case anyone here does not understand, the deficit is a budget deficit. Social Security is not part of the US government budget. It is not budgeted by the President or Congress, so little maneuvers like this will have zero impact and will rob people of the SS money they paid in and deserve to collect. There is also talk about cutting SS for wealthy people and I fail to understand how cutting a few thousand dollars from 2% of the American public will help people in the SS pool, tax payers or even remotely affect the deficit.
Please correct me if I am wrong on any of this, but I am basing what I say on the information I heard from several economist.
