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So I guess Fortune magazine just discovered inflation today? Fuck your dumb oligarch divisive bullshit, the only problem with Social Security is that the wealthiest haven't been paying enough into it.
They do say measured in present value dollars, so technically this isn't inflation. But it is effectively interest. The idea that social security taxes should be a 0% interest bank account is absurd. Nobody would reasonably put their retirement savings in a 0% interest bank account, even one that is inflation protected, and expect to have a successful retirement. They also fudge the numbers by looking at the median retiree and not the average retiree. Social Security is a progressive payout system, meaning those who put in the most get the least back proportionally (it could be more harshly progressive IMO, but that is a separate conversation). Meaning that in a wealth-concentrated environment like ours, social security is effectively a transfer of wealth from the richest boomers to the other boomers, but Fortune pretends that isn't happening and chalks it all up as a transfer of wealth from millennials to boomers, which is quite disingenuous