Quote:
Originally Posted by biker1
How to address the problem has been studied extensively. What we don't need, and almost certainly won't do, is to do something that "helps by a whole lot". We need SS changes that will ensure the viability of the program (obviously based on projections) for a substantial amount of time, say 75 years. Passing any legislation that impacts SS will be painful at best. It needs to be done correctly and not half assed since we don't get many chances. I doubt we will see any changes before 2032.
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In order to implement changes in 2032, the legislation has to be passed now(ish). And it has to give working people time to prepare for those changes, so as to minimize that "pain" of the change.
My point is - there are lots of ways to keep the program going. There is no singular "fix" that will fix everything. Increasing the early retirement age is one possible step. So is eliminating the cap for payroll deductions. Increasing the percentage taken from payroll an additional 1%, with half of the percentage paid by the employer and the other half paid by the employee, is another possible step. Reducing the max age for increases from 70 to 69 is another possible step. Raising the FRA to 66 is another possible step.
A singular change will need to be much more drastic, to have the intended result. But small changes to all these different aspects will be less "painful" and have a greater overall impact to the result.