This earnings limitation was imposed at a different time in a different era to meet very different conditions. It was imposed in the early days of the Social Security Act. At that time, seniors were fortunate to live to 65 years of age. There was concern that those who lived 65 and beyond and wanted to work or had to work would take jobs away from others. Therefore, a penalty was imposed.
Today is a much different situation.
More seniors are living not only to 65, but many into their 70s, 80s, 90s and beyond. We also are living in prosperous times where there is a shortage of workers, rather than of jobs. We should be encouraging seniors to continue work. It helps them. It helps the economy.