Since the adjustment of the covered earnings ceiling depends on nominal wage growth, if inflation takes off or if real wages grow even more rapidly, the covered earnings ceiling will grow at an even faster pace.

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Indeed, while their earnings may increase in nominal dollar terms, the very devaluation that Johnson seeks will properly cause investors to dismiss the increase as entirely illusory.

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And the fact that his nominal (face value) covered earnings is being compared with my earnings up through 60, albeit indexed by wage growth through age 60, means that I and everyone else in my boat that earns above the ceiling can benefit, potentially big time, from working very late in life.

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