THIS ARTICLE WAS WRITTEN IN 1996! ***accurate information and common sense about Social Security, NOT scare tactics from folks with an agenda to push*** These analyses ignore the basic fact that, with minor fixes, Social Security can remain solid far into the next century. Theres no crisis, says Robert Ball, a former commissioner of Social Security and spokesman of the liberal wing of the Social Security Advisory Council, a 13-member panel appointed by Clinton in 1994. If no adjustments are made, Social Security could continue to finance benefits at only 75 percent of the current level after the trust funds are depleted in 2030. But with a few adjustments -- such as changing cost-of-living calculations, raising the retirement age, increasing taxes on individuals when their benefits exceed what they paid in, and/or bringing new workers into the system (e.g., state and local employees who have separate pensions) -- the Social Security system can continue to pay full benefits for the next 75 years. Or by imposing a relatively small tax increase now -- boosting the share that employers and employees pay from 6.2 to 7.3 percent -- the government could solve the problem all at once, say analysts. motherjones/politics/1996/11/end-social-security-we-know-it?page=2
Posted on: Sat, 24 Jan 2015 21:35:24 +0000
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