We are in the midst of great debates and profound changes to the very fabric of our nation. While I rarely write regarding political issues, this one seems to strike at the very heart of who we are as a nation so I thought I’d share my suggestion for stabilizing the Social Security system, stimulating the economy, and reducing the general angst that exits.
It’s a four-part program with the following attributes:
• Immediately enroll all workers in the system that means everybody including Congress and anybody else who is exempted today!
• Immediately raise the age needed to begin benefits to 67 for everyone under the age of 50. Then begin to add one month every three months until we reach 70.
• Change the system of payroll deductions immediately. Rather then contributing until one reaches a predetermined level, today I believe around $106,000 in wages, take the contribution level today and consider it the base line. Then everyone earning less than $25,000 is exempted, they are fully part of the system, but not required to contribute. They need every dime just to live and every dime goes immediately back into the economy! From $25,000 to $75,000 they pay ½ of today’s base line; from $75,000 to $200,000 they pay today’s base line, and from $200,000 and over they pay 2X today’s base rate, and there is no upper limit any more. This is a “fair share” approach and it’ll work!
• Finally, immediately begin means testing. It is ridiculous to pay someone with millions of retirement $2000 a month in Social Security —they don’t even know what to do with the money. Believe me, I know some of them! And they won’t revolt if they lose their $2000 a month, they’ll applaud our rational thinking!
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