Social security doesn’t need to be cut… at least not by much.
Even with changing demographics moving forward, with the structure as is, social security is funded at roughly 85%. Make some adjustments to the cap on taxable earnings (don’t eliminate the cap), slow the COLA adjustments at the upper end, and lower the payout for taking social security at 62 or 65 vs 67 or 70 (ie increase the “penalty” for taking social security before full retirement). Voila… social security is fixed.
On Medicare, that will only be solved with comprehensive single payer for all im afraid. But absent that, they need to raise the payroll tax and raise premiums because unlike social security, Medicare is not close to being fully funded.
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In response to this post by HoodatB)
Posted: 02/08/2023 at 12:59PM