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IMO, removing the cap WILL happen. It’s crappy economics, but it garners 70%+ approval in opinion polls.
The Tobin Tax on Wall Street transactions will also be done, because that again polls well.
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Yes. Until one’s ox is gored, what matters to ‘the other guy (richer than me)’?
I suppose the most likely actions will be a little bit of everything: Raise the retirement age even more (already being phased in), raise the tax rate, raised the ceiling, lower the benefits, reduce survivor benefits, give people options to partially/fully opt-out, etc. As others have pointed out, the SSDI portion should be removed.
Do something like Chile and move to an expanded IRA system that is deductible upon contribution, and tax-exempt on withdrawal. Get the government out of it.
Let people decide if they want to stick with conventional SS or move to the new system, or perhaps a hybrid.
Like an IRA, you can pass on to your heirs if you croak before retirement age.
I know I’m dreaming.