Thread: 12 Ways to Fix Social Security

Planning to Retire

12 Ways to Fix Social Security

By Emily Brandon
Posted: May 18, 2010

The Social Security program faces a long term financing shortfall. The trust fund’s reserves are currently projected to cover payments until the end of 2037. Then there will only be sufficient resources to pay about three quarters of scheduled benefits. For full checks to be issued after that date the program’s financing or benefit structure must be modified.

A U.S. Senate Special Committee on Aging report released today outlines the policies Congress could institute to eliminate Social Security’s projected deficit. Options include tax increases, benefit cuts, and program tweaks that could be implemented separately or in combination. “Many members of the Committee, including myself, do not support and actively oppose many of the options,â€

Why dont they just raise the minimum wage? If the minimum wage would have kept up with the cost of living, it would be about 20 bucks an hour by now. They should raise it just for that reason alone. If they raise the minimum wage, there would automatically be more money going to the system. Plus it would be good for the economy because everyone would have more disposable income. Some could pay off their debts. All salaries float on the minimum wage. When the minimum wage goes up, then wages for all higher paying jobs also goes up.