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How can Social Security be fixed?
Democrats and Republicans are divided on how best to fix the program, said CBS News. Some Republicans have proposed raising the retirement age, “effectively cutting benefits for millions of current workers.” Democrats would prefer to raise the current cap on Social Security taxes. Right now, “individual income over $168,600 is exempt” from the tax. Another option? “An emergency injection of general government revenue,” Mark Miller said at Reuters. That is, supplement the Social Security system with non-Social Security tax sources. For a program that has always been self-financed, “that would be a profound turning point.”
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Any fix is bound to run into political obstacles. Nearly 80% of Americans are opposed to raising the Social Security retirement age from 67 to 70, Brian J. O’Connor said at SmartAsset. Politicians in the White House and Congress will be hesitant to anger such a sizable majority, O’Connor said. “Most Americans are fiercely protective when it comes to their retirement benefits.”
