|Ida May Fuller - first Social Security Recipient|
- Change the retirement age. When originally conceived, the Act was not intended to be a way of life. A relatively easy solution is to incrementally increase the retirement age so as not to pull the rug out from people in their 60’s, but so that those of us in our 40’s know we’re going to have to work into our 70’s. With the population change we’ll have to do so anyway --- there won’t be enough workers to replace those retiring.
- Lift the caps. Have a percentage of every dollar earned be contributed. This is an additional burden on high income contributors, no question. This is much more attractive than means testing the benefits after somebody stops earning and immediately shores up the financial strength of the program that impacts 2% of the population.
- Payroll tax should stay in place. President Obama and Congress have reduced the contribution rates as a way to stimulate the economy. It’s too small for people to notice in their paychecks. Spending hasn’t increased as hoped for. Companies are not using the savings to hire people. Starving the Trust Fund of needed dollars today is not a solution for tomorrow’s issues.