> and nobody wants to do anything to cap its costs such as means testing or straight up lowering the amount it can pay out
Yes because everyone paid into it and wants their money back with interest as promised? This isn’t weird.
Yes because everyone paid into it and wants their money back with interest as promised? This isn’t weird.
Your money --> older generation
Younger generation ---> you
The main thing that makes my description incorrect / incomplete is that baby boomers, such a large cohort, broke the system. This was predicted and so the baby boomers actually did get their money back: they were taxed to fund OASI, which then goes back to fund baby boomers’ retirements, until it runs out.
Baby boomers (only, sort of) <---> massive cushion in the OASI fund