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IT ISN'T DOOMED

Economist Explains How Easy It Is To Fix Social Security

Grant Brunner
Grant Brunner
Economist Explains How Easy It Is To Fix Social Security
Economist Kathryn Anne Edwards fights back against the popular idea that Social Security is broken — it's not. With a combination of policy tweaks, the shortfall can be corrected. It just takes political will.
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In fact, the Social Security Administration even publishes a guide on policy fixes. It's not as ruinous as you might think. And even if the shortfall does occur, Social Security doesn't blow up, it just delivers reduced payments until the shortfall is fixed.

@keds_economist How do we fix Social Security? I explain that its really easy, there’s lots of ways to do it, and the feeling like its fated to fail one day is based on misconception. We can fix it! #socialsecurity #socialsecuritybenefits #socialsecuritytaxes #retirement #retirementage #taxes #congress #reform ♬ original sound - keds_economist

Via keds_economist.

Comments

  1. terrill trashy Symon... 3 months ago

    How can anyone approve borrowing from SS and don't have to pay it back???? Took the money to invest and lost it. Sorry Sheep, YOU BEEN ROBBED

  2. Richard B 3 months ago

    I don't totally disagree, but we cannot overlook the aging population and the fact that the gap is currently growing and will at some point reach the tipping point. That is avoidable, but Congress and the President would much rather use Social Security as a political weapon than make any changes that the opposition could use as their weapon. I have long advocated eliminating the income cap when calculating taxes. Many will argue that is unfair, but when you get into that income level, you can afford to pay more even if it is unfair. I also believe we need to raise the retirement age....not by 5 years, but gradually tick it up over time. I don't believe that we should make that change for anyone over the age of 45 so as to give those individuals a long ramp before retirement. I am 100% opposed to things like taxing unearned cap gains, a wealth tax, or any other "new" tax. Americans in general are already overtaxed.This will never get fixed if we let politicians scream that anyone touching Social Security is trying to throw seniors out on the street. (Full disclosure, I am a senior and I took my Social Security at age 70 and continue to work and pay in.)

    1. bigbadduke 3 months ago

      Most Americans are over taxed, not the rich though. A wealth tax IS appropriate.

      1. Richard B 3 months ago

        This is a discussion about Social Security and the real problem is that Congress has made promises and failed to fund those promises properly. When people retired in the 1970s, they got every cent that they contributed back in a couple of years of collecting. They should have been paying much more to reflect reality. While that has been fixed, the problem now is that people are living longer. We should extend the age, eliminate the income cap, and stop using Social Security for political gain.

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