Thursday, June 2, 2016

Social Insecurity

President Obama, during a speech in Indiana, advocated for an increase in Social Security benefits and an overall strengthening of the system.  Most liberal pundits approved of the sentiment, but some offered to tweak the pronouncement in well meaning but potentially disastrous ways.  Kevin Drum at Mother Jones says we should drag out the dreaded "means test" to benefit only the seniors at or near the poverty line.  I'm sure he offers this as a cost saving measure which will benefit those who need an increase the most.  However, means testing may be progressive, but due to the nature of the program and its hallowed place in American society, tampering with the benefits distribution could lead to a delegitimization of the concept.  Instead of another entitlement program, people have always felt it is an earned stipend which depended on how much you contributed over the years.  Everyone is treated the same, whether millionaires or those contributing the minimum.  If you expand the program, expand it for everyone.  Raise the amount being taxed from its present max of $118,000 to at least $1,000.000.  That would put the system back on firm financial ground for the next 75 years.  Then raise the percentage of  taxes and raise benefits immediately for everyone.  That will preserve support for the program from all stakeholders.

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