The Congressional Budget Office, which actually is a pretty straight shooter on US finances, has issued a new report indicating that the funds behind Social Security will run out of money a year earlier than previously projected, so now in 2033 or 2034. Every time the CBO issues one of these reports, it moves the date the funds run out up. We don’t have enough workers paying in to cover all the retirees. (CBO Report)
The solution, according to the CBO, would be to raise Social Security taxes by 35%, taking more money out of working people and families pocketbooks, or cut benefits by 24%, a massive blow to those many seniors who are completely dependent on Social Security. I have a better idea. Get rid of Social Security disability and find some other method of helping those who are truly so disabled they can’t work. At least half the people on that program are slackers looking to avoid work. Otherwise ensure that those who can work, do so. Raise the retirement age to 70, which is far closer to accounting for the gains in life expectancy since the program was enacted. Stop giving Social Security to wealthy people, who not only don’t need it, but who get the highest payments since they had the highest incomes. Those changes might allow the program to remain financially viable indefinitely.
Kevin, completely agree. You will like this Op-Ed by Phil Gramm https://www.wsj.com/opinion/welfare-is-whats-eating-the-budget-10c9d093?st=wd5hql6c0eojs33&reflink=article_copyURL_share
thank you
I have a better idea. Get rid of Social Security disability and find some other method of helping those who are truly so disabled they can’t work.
Excellent idea
The most successful anti poverty program was “Ending Welfare as We Know It” enacted during the Clinton administration at the behest of the Republican congress.
The democrat / socialist party did everything to undercut and destroy the most successful anti poverty program.
The Carter administration was generally a fiasco, though there were a few positive developments
1) the cruise missile development began during his administration
2) the statutory enactment of the gradual increase in retirement age for social security was enacted during the carter administration, though with a very delayed implementation. The increase in retirement age from 65 to 67 did not begin for retirees until 2020. The increase in retirement age to age 70 needs to happen within the next 5 years, not a delay of nearly 40 years.