Not to oversimplify, but tough decisions will need to be made.
Social Security is a big part of the unfunded liabilities. We know that 3 major steps are needed to balance outlays and income of Social Security.
1. Raise the retirement age.
2. Raise taxes
3. Cut benefits
or some combination of these steps.
Every single step is unpopular. But isn’t this what we pay our elected officials to do, to weigh the options involved, and fix problems such as these????
1. Raise the retirement age.
2. Raise taxes
3. Cut benefits
Or, how about we treat SS the way companies took care of their pension plan liability issues? Instead of taking SS from your paycheck and putting in some fictitious 'lockbox'...
You let people invest that into their own 401k/Roth/IRA. Then you wont need government SS to buy your bread and water in retirement.
Who the hell are you? You never paid into the Social Security System weekly for months with your wages for fifty years otherwise you wouldn’t be lumping those payouts into the entitlement/welfare basket. It’s not an entitlement it’s a benefit which workers paid for in hard earned dollar paycheck deductions over the course of their working lives. If it wasn’t managed by a perverse federal government the returns on their original investment would be twice what they are now. You have your goddamned nerve.
> Every single step is unpopular. <
Yes. The only one that might possibly happen is #2, raise taxes. By that I mean they might raise taxes on the “rich”, the rich as defined by communists like AOC and Bernie Sanders.
But I fearlessly predict that no corrective action will be taken. Because no one in DC except Rand Paul cares about deficits. Even Trump doesn’t care.
End result: Hyperinflation, as the Feds turn up the printing presses to pay the bills.
and 4. Do nothing
but that leads to automatic cuts in the system that will be worse than if we take steps today to fix it.
however politicians can blame the ones that made the rule (probably all dead) and claim it’s not their fault do likely #4 will be selected.
Option 2 if it only affects removing or raising the cap on SS wages could be done fairly easily. The rich constantly cry about not paying enough. Here would be their chance.