Thread: Ways to keep Social Security solvent

Ways to keep Social Security solvent

USA TODAY'S article "Faith in Social Security tanking" pointed out the widespread lack of faith in this popular safety net. However, relatively simple solutions are available to shore up this program, if both parties had the courage to do so (News, July 20).

READ ARTICLE: Faith in Social Security tanking
http://www.usatoday.com/money/perfi/ret ... 0_ST_N.htm
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Some simple solutions:

•First, end the charade caused by Congress raiding the Social Security surplus. Currently, Social Security tax money is invested in government securities. Once invested, the funds are indistinguishable from other money in the general fund. Securities are redeemed to pay Social Security benefits, and the government spends the rest of the borrowed cash. Rather than holding the surplus, the trust fund contains IOUs, which might be worthless in the future.

• Raise the $106,800 cap on employees' annual earnings for the Social Security tax.

•Reduce benefits for people with large private pensions. While the details may be debated, an example might include a 25% reduction in benefits for people with pension income exceeding $250,000, 50% reduction for those whose pensions exceed $500,000 and so forth.

Implementation of these three modifications would contribute to the viability of Social Security.

Phil Seymour; River Bend, N.C.
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Take a stand on benefits

USA TODAY's article reported that "a majority of retirees say they expect their current benefits to be cut." A person quoted in the piece suggested this would make it easier for the government to change Social Security. The last thing I want to do is make it easier for the government to change the program.

Since 1969, I've been paying into the Social Security system. My employer has been matching my contributions. According to my Social Security statement, at 71, I will expect to receive $3,000 per month.

As a result of this Great Recession, many Americans have lowered their expectations. In addition to high unemployment, from 2000 to 2008, adjusted for inflation, median household income fell 2.5%.

As simple as it sounds, now is the time for Americans to raise their expectations. We need to inform our elected officials that we expect them to improve the economy, jobs, Social Security and our standard of living. Things will not improve if we continue to expect less.

Nikola Drobac; Plum, Pa.

http://www.usatoday.com/news/opinion/le ... _ST1_N.htm

A few more suggestions, stop bleeding money to various countries, nation building, etc. Use SS for those who worked and paid into system, use a separate system to fund welfare for those who never worked.

Many cuts across the board need to be made let us take care of America first and then let us look at cuts in America.