Like all its other suggestions, the deficit commission’s ideas on Social Security are certain to anger some Americans.
The commission recommends increases in the retirement age to 68 around 2050 and 69 around 2075. It would also raise the early retirement age from 62 to 64 on the same timetable. It would lower cost-of-living increases.
The commission would also gradually raise the threshold on the amount of income subject to the Social Security payroll tax. You and your employer each withhold 6.2% of your income, up to $106,800 … the so-called threshold. The feeling is that Americans earning more than $106,800 ought to continue contributing to Social Security … along with their employers.
Personally, I have no problem with these proposals. I would also like to see measures put in place to protect the Social Security trust fund from federal government I-O-Us.
These suggestions may upset some people, but they seem like rather mild remedies to me.
Our thought for today is from Plutarch:
“To find fault is easy; to do better may be difficult.”