There’s a lot in the news these days about Social Security. Here are my thoughts.
First, personal accounts are good, but they are now available to those who want and can afford to contribute to them through IRAs and tax-sheltered accounts approved by the IRS. So why use them to draw down required contributions to Social Security at a time when that system has financial issues?
Let’s solve those issues by requiring the federal government to pay back the money it has borrowed from the trust fund.
Also, end the millionaire Social Security tax exemption. As earnings increase, the percent of contributions to Social Security decreases. Removing the cap on annual earnings of over $90,000 alone would solve the concerns about the Social Security trust fund.
Implementing those changes would make the Social Security system solvent for present and future generations. It could also facilitate the removal of the Social Security offset suffered by state pensioners in 14 states.
Any attempt to privatize any part of the Social Security system should be blocked and ways should be found to adequately fund the system.
Paul Gilbert, Jay
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