There are many ways to fix this program so that many will benefit from the positive aspects of it's overall coverage. These solutions, like the problems that have forced them to slowly be required tend to be very easy. It is merely the political will or lack there of that forces this issue to become the third rail of American politics. Will actually it's the third rail of Democratic Politics, it's fifty pounds of red meat to say "First thing I'll do it cut social security and give you your money back" in Republican primaries. One possible solution is a revenue increase rather than a reduction of benefits. Also an increase in the age of retirees receiving social security would not be totally outside of the realm of possibilities in the near future. BabyBoomers after all live longer than their parents and the life expectancy of both generation X and the echo generation is projected to be even longer.
According to the fix social security game, an increase of taxs on the top earners and the removal of the salary cap, would actually solve many of the program's current problems. But, the game also warns the viewer that even then the program will need to be fine tuned. This can prove to be fighting words to generation of policy makers hows only ways of dealings with a problem in a entitlement program is to either either hid under the covers or look towards destruction of that program as the only possible solution.
At this moment for example the congress is fighting over the long term assisted care insurance act. All day long they have argued over the class Act and have come up with one of two solutions.
1. leave it alone because, it can not be currently fixed given the current political climate, and because it is still financially secure (it will be till 2032).
2. try and repeal it because it is a part of "ObamaCare" and will be a moral victory to a congressional majority with an approval rating of minus 47.
The facts are these, a gradual increase of the retirement age for those born after 2024, would improve social security. Progressive indexing of taxs to reduce benefits of those that make over two million dollars a year or above would improve the system. These will not be introduced to the floor of the U.S. house of representatives till rome burns to the ground.
There have ofcourse been those that wished to solve this completely solvable issue of our time. President Bush 43 wanted to put benefits in PRA's back in 2005. It was based on the believe that by 2017 social security would start paying out more than it was taking in. (Social security reform center). President Bush's idea would have been a wonderful way to fix social security, just as long as there would never be a recession and the housing market remained strong.
Even with the weak economy as it is, those that face issues such as long term care, and home healthcare aid, have managed to remain above water due to entitlement programs. (Kurtzeleben, 2011). The Census Bureau has reported that nearly 14 million seniors would be bankrupt if it were not for entitlements like social security,medicare, and medicaid. (Kurtzelben,2011). This seems pretty understandable when you the average retirement house cost about 17 thousand dollars a year.
The constitution calls for provisions to be made to protect the common welfare. It is not a ponzi scheme, but a support system for unforseen costs of living concerns. The solutions mentioned above can close the social security gaps. By closing the Payroll cap, it would mean a few paying more some the same benefits as all of us, but it would mean that one indidvual who makes 200,000 dollars a year for twenty years could pay a bit more. So that 200,000 people that make 37 thousand dollars a year can benefit from social security.
Even the Heritage Foundation's flat social security plan has cuts in benefits for those that are in the top 9 percent. (Savingthedream.org). It also calls for a 401k style of supplement plan, which does nothing to stop people currently retired from cashing it out as of the close of business yesterday. But, it seems like a good idea for future retirees. It it goes along with a reformed version of Social security and doesn't slowly substitute the program as a whole(Savingthedream.org).
According to NPR.org all solutions of fixing social security come down to three options. 1. more tax revenue, 2. Less benefits, 3. a mix of both. Sociological ideals back up taxes on the top earners. That social security now serving as a life blood to so many retired Americans, it seems only natural for the program to be saved due to the efforts of those that don't really need it. It alone takes political will to actively solve this tragically solvable issue.
Resources
1. Social Security Reform Center.
Retrieved from : http://socialsecurityreform.org/fastfacts/index.cfm
2. Kurtzelben, Danielle. ( September 15, 2011). "5 Ways to Reform Social Security"
Retrieved from : http://www.usnews.com/news/articles/2011/09/15/5-ways-to-reform-social-security
3. Heritage Foundation "Saving the Dream"
Retrieved from : http://savingthedream.org/what-it-covers/social-security/
4. Horsley, Scott. (June 5, 2009). " Fixing Social Security: A Solvable Problem"
Retrieved from : http://www.npr.org/templates/story/story.php?storyId=104958835
5. Hart-Landsberg, Martin. ( August 11, 2011). "SOCIAL SECURITY IS IN DANGER"
Retrieved from : http://thesocietypages.org/socimages/2011/08/11/social-security-is-in-danger/
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