“What is your idea to “fix it”?”
In a perfect world, I’d start by declaring that Social Security, Medicare, and others are WELFARE PROGRAMS, because there is no pot of money to draw from. I know people would like to think they paid into it, so it must be there - but it ain’t, and we all know that. If I have a 401k and my wife takes a loan out from it (with me also signing off), guess what - the MONEY IS GONE, and I am expected to pay it back - not my newly-hired coworkers who were kids when she (we) borrowed the money.
So once we get past the point of thinking there is some pot of money, the next step is to MEANS TEST. There is NO REASON why my kids should have to pay money to Bill Gates or (literally) millions of people like him that have plenty of money for retirement - saying that they should have to pay now is no different than saying they should have to pay Bill Gates when he was working and making big bucks. That, right there, will take care of some 10% of today’s cost.
Beyond that, you get into who should really pay for people that cannot otherwise take care of themselves. If they were kids, then the parents are expected to pay their way, particularly if the parents are making money. So why not flip that around and have the well-off kids help out a bit (as Tiger is doing)? If the older person needs help, track down his family and if they have resources, then they should pony-up.
If there are no kids, or no kids with means, then the state should step in and take care of these people.
If all that is done, we’d have a balanced budget tomorrow. Yes, there wouldn’t be as many Winnebego’s driving to Alaska every summer, and yes, there wouldn’t be nearly as many large houses with 2 old people left in them, but my kids would not be going broke, even before they get a chance to work.
Now, having said all that, I realize that I’m dreaming (but you did ask) - so the ONLY other option (aside from leaving my kids a bankrupt country) is to raise taxes, particularly on the middle class, as that is where the money is.
This is what I have been looking for. Some solutions that recognize that the vice we are in crushes on both ends, young and old. I suspected that you were more reasonable than you were letting on. It did not go unnoticed that you didn't try to straw man or ad-hominem me into silence. I don't have a problem with the solutions you proposed.
Interesting post.
So you believe that ss/medicare are welfare programs? Do you also believe that private insurance and annuities (for retirement) are as well? Both ss/med are paid for. They aren’t free.
As I have already said, I’m not rich by any stretch, why should the wealthy pay into a system and not reap the benefit? Should they also pay for private insurance..but be denied coverage because they have the bucks to cover their own health issues? Let them opt out, it’s only fair. And I am sure you want to be fair. If Bill Gates paid the premium, the benefit is his as much as ours.
You sound a little bit like a “share the wealth” kinda FRiend.