Reply #5: No it wouldn't defeat the purpose to raise benefits with the cap.

[Statistical]

The current formula is progressive. Any wages above $4586 monthly are returned at only 15 cents on the dollar. Thus by raising the cap the person contributions go up a full dollar but benefit goes up 15 cents. Benefits go up but at a much smaller amount than contributions; the difference adds to solvency of SS.

Now you are right it is entirely possible that they change the formula (maybe making a 10% or even 5% bracket). It should be stressed that it isn't required that they change the formula and SS would be more progressive and more solvent with no formula change and raised cap. Keeping formula the same may be a compromise to get 60 votes. I doubt Congress they would cap benefits and raise cap on contributions. Why? It would turn SS into welfare and it would be crippled within a generation.