I read John Stossel’s Monday column about the Social Security crisis that has been “looming” for years. No one seems to have any idea how to fix it other than cutting benefits.
Why not let eligible recipients collect Social Security and keep working as many hours as they want, without a penalty, continuing to contribute to Social Security as long as they can? I’m no economist, but it seems to me that this idea would keep money flowing into the fund, and many people would have a little more disposable income to help them enjoy themselves a little more while driving the economy with their increased spending.
The other thing that could be done would be to pay back to the fund all the money Congress has taken out of it for other programs. Then make the fund off-limits for that kind of foolishness and get real money managers to grow the fund. Real management would make the fund sustainable and give it many characteristics of a private account.
I’m probably outside the box because my thoughts are not the typical “cut benefits, raise the eligibility age or just print more money” proposals.
FICA money is taken as a tax for working people who believe it is being saved and growing so they can retire someday. We, in the greatest country in the world, don’t take care of our workers or our service people anywhere near the way we should. I’m hopeful that will change.