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View Diary: "Everything you just said is wrong" (136 comments)

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  •  It needs to be a combination of things (1+ / 0-)
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    lina

    The share of wages covered by SS used to be about 90%, and now is down to about 83%.   You can raise the taxable earnings base back to 90% -- that would increase what you call "the cap" (which is actually the amount of wages you insure) and also the retirement payout both, and (since the increase in retirement benefits rises slightly less in proportion to retirement benefits) you'll raise some revenue, while preserving the nature of the system.   You can even index it so that it always covers 90% of wages.  

    Then you can increase retirement age slightly.  It's already up to 67 for a number of us who still have a long way to go before retirement.  It can go up slightly again for people who are 20 plus years away from retirement -- in a gradual, step basis.  You can still preserve a 67 year old option (like today's 62 year old) but use financial incentives to have people delay retirement if they can, like today's 62/65 year elections.  

    Social Security is not all that problematic.  The big, big problem is Medicare.

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