08-11-2015, 12:58 PM
I view Social Security as a huge success story.
It's accomplished its goal of keeping millions of elderly and disabled people above the poverty line for more than 70 years.
Now, people are living longer and there will be more payouts due at the same time due to birth booms and other factors, so some adjustments need to be made to the program in order to keep it successful for the next generations.
I'm not rich nor poor. I want to see as few people living in poverty in this country as possible, especially the elderly and the disabled. So, I won't mind if I end up paying SS tax on a higher portion of my income to help others (though preferably at a lower tax rate past a certain salary). That would keep the program in place for all of society, and minimize the chances that I and my family will end up living in poverty when we're old or should we become disabled.
Without having considered all of the options in detail, I think that would be the most efficient way to go about keeping Social Security solvent as compared to privatizing or denying wealthy SS contributors returns on what they paid in. It's not a perfect solution and would put more responsibility on high earners, but I can live with that.
It's accomplished its goal of keeping millions of elderly and disabled people above the poverty line for more than 70 years.
Now, people are living longer and there will be more payouts due at the same time due to birth booms and other factors, so some adjustments need to be made to the program in order to keep it successful for the next generations.
I'm not rich nor poor. I want to see as few people living in poverty in this country as possible, especially the elderly and the disabled. So, I won't mind if I end up paying SS tax on a higher portion of my income to help others (though preferably at a lower tax rate past a certain salary). That would keep the program in place for all of society, and minimize the chances that I and my family will end up living in poverty when we're old or should we become disabled.
Without having considered all of the options in detail, I think that would be the most efficient way to go about keeping Social Security solvent as compared to privatizing or denying wealthy SS contributors returns on what they paid in. It's not a perfect solution and would put more responsibility on high earners, but I can live with that.