Let’s hear some solutions
Here are some ideas to "fix" social security
1. Do nothing.
Our politicians have no stomach for tough reform. If social security becomes insolvent, they will simply infuse it with more capital.
2. Only allow the Social Security taxes collected to go to the program.
There is no "lock box". Stop allowing these funds to be used by outside programs
3. Let it die a natural death
We could with a stroke of the pen stop collecting Social Security taxes on folks born after 2010 or so. In return, these people would have no Social Security benefits. Plan accordingly.
4. Allow Social Security funds to be better invested and managed
5. Allow individuals or local municipalities to opt out if they can show they have provided similar or better coverage.
Same general idea as Obamacare. The government ostensibly says you must purchase your own plan, of theirs, or pay a penalty. In 10 years, this has never been enforced though.
6. Allow only those who have paid into Social Security to be recipients.
Yes, this would disallow many children and other less fortunate folks from participating. Perhaps this is not the program for them.
7. Have a maximum allowable benefit
This would require some long-term bookkeeping. At whatever age you decide to stop paying into Social Security, your contributions and their earnings are calculated. You can never collect more than that total amount. Unfortunately, this means some people may out-live their benefits.
8. Replace Social Security with UBI
Some of the other benefits would have to be discontinued or somehow subtracted on a pro-rated basis from your basic income.
9. Try the Galveston model.
County employees of Galveston and two surrounding counties have not paid into Social Security for more than a generation. See how they are making out.
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