The Social Security system has by law a dedicated revenue stream of about 16% of most earned income.
As long as over 130 million people in the USA work, the Social Security system will be able to pay benefits, just not as much as are currently being paid or promised.
A reduction of benefits by about 25% is going to be necessary.
What I suggest for the old age system is:
1. raising the retirement age(s) by two years to 64 early, 69 standard
2. cutting the benefits of current recipients by 10%
3. cutting the retirement benefits of future recipients by 20%
The disability system is a really big mess that suffers from great abuse. I’ve been working on a proposal, but haven’t gotten very far.
I’m 59 and I am aware of the problems.
The bankruptcy of a government system is different than that of a company. People can and do refuse to provide revenue to a bankrupt company. Social Security taxpayers can not refuse to provide money to a national retirement system as long as they continue to work in the private sector in the country.
Good posts but we do not need you writing policy. Everybody wants to write policy. Everyone is an expert.
SS adjust paying benefits to what is available. Done.
It is Democrats that want full socialism and they want the world receiving unearned benefits to crash the system.