Tuesday, February 15, 2011

How to reform Social Security... in four easy steps (rationale in italics):

1 - Scale back cost of living increases to no higher than 75% of current formula. The days of workers automatically getting cost of living raises are long gone, and there is no reason to exempt former workers from this new (sad) fact of life.

2 - Add three years to age at which people become eligible to start collecting payments. Seems pretty straightforward. People can work longer than they used to be able to, so if they want to retire earlier in life (compared to how much life they have left) they can do so, but they'll have to do so without getting paid by the rest of society.

3 - Make a dollar for dollar reduction in benefits for anyone with non-social security taxable income of more than $100,000. I know the 'rich' have paid social security taxes, and more than most people, but social security is basically a welfare benefit and the country can't afford to write checks to everyone who otherwise would be eligible.

4 - No payments to any illegal immigrants. Save me the tears about how these people paid into the system. We'll treat the money they paid in social security not as contributions towards a payment of their own, but as a cost of their staying in the country and working illegally.