In response to this article in the New York Times, We’re Living Longer. That’s Great, Except for Social Security a reader wrote this:
NOV. 24, 2015
To the Editor:
“Living Longer Is Great, Except for Social Security” (The Upshot, Nov. 17) suggests that there is no good solution to the “problem” of people living longer.
First, not everyone is living longer. Indeed, in your pages recently you can find evidence that the poorer and less educated among us are seeing their lives actually shortened, especially white men.
Second, the solution to ensuring Social Security’s solvency seems clear: Increase or eliminate the cap so that people earning more than $118,500 will continue to pay FICA taxes, and change the index for inflation for Social Security recipients to one that more accurately reflects what seniors pay for: medication, insurance, food, transportation and so on.
There you go, simple solutions for a complex problem … and from San Francisco no less … who knew?
Eliminating the cap does not solve the solvency problem plus what she doesn’t say is to make a major inroad on the solvency issue means eliminating the wage cap, but freezing the benefit at the current level. In other words, pay more and get less, but you get a warm feeling because you are paying for someone elses retirement … which by the way, was not the intent of Social Security. And, changing the COLA index may well add to the trust funds deficit. The naive left strikes again!
Categories: Social Security