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At $24K a year, yes, that is slightly above the Federal Poverty level for 2024 ($16K).
I don’t have numbers for 1940, but the Federal poverty level in 1959 compared to 2024 was about 20 times higher, so your “for times more” is a sloppy comparison.
A big fix for SS would be to eliminate the withholding cap. An executive that make a $200K/month has SS taxes withheld from his check once in January. After that he pays nothing else into the system for the rest of the year.
A bigger fix would be to figure out a way to tax unrealized capital gains, but all Republicans believe is that the rich shouldn’t be taxed for anything because all of that accumulated wealth will magically trickle down to the rest of us.