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10-year Treasury yield climbs above 5.3% to a level not seen in 24 years

122 points · 193 comments · kaycebasques

  1. GenerWork · · focus · HN ↗
    The primary issue is Social Security. It’s the biggest driver of spending, and nobody wants to do anything to cap its costs such as means testing or straight up lowering the amount it can pay out.

    As for the people that will inevitably bleat about how this is just horrible and we need to lift the cap on taxable SS income, that wouldn’t solve the core problem either unless you pair it with spending caps or cuts.

    1. consumer451 · · focus · HN ↗
      There is an easy solution to make Social Security solvent. Uncap the contribution. Problem solved.
      1. kolanos · · focus · HN ↗
        Why would someone contribute more than they are legally required?
        1. Lightbody · · focus · HN ↗
          They wouldn’t and with the current cap they don’t. Uncap it (or just raise the cap) and now they will have to contribute more.
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