“A Large Portion of America’s Population Has Sociopathic Tendencies”: Biden Proposed Social Security Reforms and Rich People Are Upset

Amy LewisNov 21, 2023

Minute Read

President Joe Biden has produced an in-depth four-point strategy aimed at combating the projected depletion of the Social Security Old Age and Survivors Insurance Trust (OASI) by 2033.

An In-Depth Plan

The matter undoubtedly needs to be addressed as, if nothing is done, it’s predicted that the situation could lead to benefit reductions of up to 24% for retirees. As such, Biden’s in-depth plan could affect all Americans from all income brackets.

Impacting All Earners

Some elements of the proposed changes would impact high-income earners and corporate executives, the types of people who have retirement savings that dramatically surpass the average citizen’s. Others, though, could have a notable effect on middle-income and lower-income individuals, especially people who will rely on Social Security when they retire.

A Proposed Change

Today, a 12.4% tax is applied to income up to $160,200, and earnings above this figure are exempt from OSAI taxes. President Biden has proposed adding a tax to income above $400,000, still leaving income between the two aforementioned figures alone.

The Consumer Price Index for the Elderly

Cost of Living Allowance (COLA) is used to annually adjust Social Security benefits for inflation. COLA is currently calculated with the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). This isn’t a perfect system, however, as the CPI-W might not reflect the expenses of retired Americans accurately. It’s possible that switching to figures from the Consumer Price Index for the Elderly could lead to additional funds for retirees.

Increasing the PIA

The Primary Insurance Amount (PIA) decides the amount of Social Security benefits by looking at age and the Average Indexed Monthly Earnings (AIME). Increasing the PIA could assist people struggling with rising costs.

Special Minimum Benefit

Policies are in place to support retirees who worked low-income jobs throughout their entire lives. These individuals receive a special minimum benefit and are paid approximately $12,402 in Social Security annually.

Raising the Minimum Benefit

Editorial credit: Oscar Ivan Lopez / Shutterstock.

President Biden has proposed raising the aforementioned minimum benefit to 125% of the federal poverty level. As an example, this would result in monthly earnings of $1,518.75 in 2023. This would undoubtedly help retirees cope with rising costs.

Gaining Congressional Approval

As life-changing as Biden’s plan would be for America’s elderly, gaining Congressional approval will be a challenge. Such reforms require bipartisan cooperation, and, unfortunately, Democrats and Republicans generally struggle to agree on strategies to preserve and strengthen such systems.

The Internet’s Response

News of Biden’s plan was shared across the internet, and people flocked to comment sections to give their views. Worryingly, quite a few individuals showcased a lack of empathy and criticized Biden for his efforts. Others berated those people, and some even praised the proposal.

A Curious Question

One social media commenter said: “Why do you stop paying after earning an income of $160,200? If they took that cap away, I bet the problem would be solved, especially since so many people, especially in tech, make that and more.”

A Cap on Benefits

“Exactly! Everyone who earns should pay tax on the full amount, particularly the high earners who can afford it best,” another person said, replying to the aforementioned commenter. “There is a cap on the amount taxed because there is a cap on benefits being taken out. Eliminate one cap, and you need to eliminate the other, making it a wash,” a third person explained.

Criticism of Biden

Some people criticized Biden. One such individual wrote: “Biden hasn’t done anything in over 40 years except vote twice to increase tax on Social Security benefits. Wonder how he is going to mess it up next!”

A Conspiracy Theory

Others speculated about the situation, and their ideas boarded on conspiracy theory territory. “These are not Biden’s plans. He doesn’t even know what day it is, so how could he develop any plans for our country? We are being run by some very radical Dems, and it is very worrisome,” one person said.

Hard-Earned Money

Some people called the Democrats, a moderate center-right party full of supporters of capitalism, “socialists.” One such individual wrote: “Ah, evil socialists trying to steal our hard-earned money to give to the lazy poor people who blame others for their choices. Classic. I’m sure nobody is surprised.”

A Lack of Empathy

Somewhat echoing the aforementioned commenter, another person said: “How about this – stop stealing money we earned and let people lay in the beds they made for themselves. Didn’t save for retirement? Didn’t get a better job? Tough. You were warned. Now you’ll suffer.”

A Collectivist Future

Some people longed for a more collectivist society. One such commenter wrote: “All these far-right, individualistic comments are heartbreaking. Yes. The rich should have some of their money taken to help the poor. Ever heard of collectivism? Why do you people think this is a bad thing? It’s not punishing the rich… it’s making society better and stronger. The rich should want to do this!”

Basic Collectivist Principles

Echoing the aforementioned commenter, another person said: “At this point, I’m convinced that a large portion of America’s population has sociopathic tendencies. I can’t imagine not understanding the basic collectivist principles that kept humanity alive all these years. I’m glad I was born in civilized Europe. I pray that I’m just seeing the worst of you on the internet and that, in reality, you have some humanity left.”

Praise for Biden

But despite the criticism, some people did thank Biden for all the positive things he’s done over the past few years. One individual wrote: “Thanks, Joe! For lowering prescription drug prices, helping college students with the unnecessary burden of a bad loan, strengthening NATO, and building friendships with our allies. Everything the Trump crime family couldn’t do.”