It works just fine. And, a temporary across the board ½ of 1% increase in payroll taxes will fix any temporary baby boom bulge induced temporary shortfalls. That's a fact.
But, what do they put in the water supply in Washington, D.C. that makes reasonably sane people repeatedly chant the "fix social security" mantra?
Today's contribution is from another of the typical left / right, odd coupled, social security concern quinellas: Democrat Alice M. Rivlin (Brookings Institution and formerly Congressional Budget Office, Office of Management and Budget, and Federal Reserve) and Republican John W. Kingdon (University of Michigan).
Sez Rivlin and Kingdon:
"Of course, everyone has to compromise to accomplish a comprehensive Social Security reform. Republicans have to give up diverting existing revenues into private accounts. But they can preserve private accounts on top of Social Security and strengthen incentives for individual retirement savings without going to 'privatization'. Democrats have to accept future benefit cuts, but they need not be drastic and can spare current retirees and lower-income beneficiaries. The package could include future gradual increases in the retirement age and concentrate benefit cuts on higher income people. As part of the compromise, both parties must agree to revenue increases, but they, too, can be modest and can spare low-income individuals. For example, the cap on income subject to social security tax can be raised in gradual steps."
http://www.miamiherald.com/opinion/other
_views/story/579692.html
Cut benefits? Means test? Make folks work 8 hour shifts in farms and mines and factories until they're well in their 70's?
In other words, monkey around with THE most successful universally admired welfare state accomplishment of the Democratic Party. Turn a respected pension plan into a means tested welfare program, guaranteeing it will eventually be abandoned by the middle class, smothered and killed.
That has been the goal of the Republicans since the minute Social Security was adopted.
The Democratic Party had two great accomplishments in the 20th Century - - civil rights legislation and social security legislation.
Obviously, we haven't eliminated racism and sexism and any other -ism or phobia you can think of. But, civil rights legislation set up the legal framework that's killing them off.
Obviously, Social Security did not eliminate poverty. But, it did eliminate old age destitution. There's a reason you don't see old people on our streets, begging and selling pencils and baskets of flowers, as they did up until the 1930's.
Let's hope that our incoming Democrat president and Democratic Congress are too smart to do the work of the Republicans in either sphere. Why would we want to do what Bush tried to, and couldn't? Remember, our numbers started to rebound when we stood up to Bush in defense of social security AS IS!
Leave Britney alone? Leave social security alone!
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