The following is true, but …
Social Security provides two-thirds of retirees with half or more of their income. It provides virtually all of the income of one-third of senior beneficiaries. Cutting these modest benefits would throw millions into poverty and increase the depths of poverty of millions more.
The American people are divided on many issues, but not Social Security. They recognize that Social Security is a solution and should be expanded, not cut. Poll after poll shows that Democrats, Republicans, and Independents overwhelmingly agree that Social Security should not be cut and that the program’s modest, but vital, benefits are more important than ever. Source: Huff Post
Social Security has been around for eighty years. During that period there has been tremendous economic growth and some missteps. There are more and more programs to help the lower income and middle class and several vehicles to help prepare for retirement. And yet … “the program’s modest, but vital, benefits are more important than ever.”
Why over all these years of opportunity haven’t the American people learned to plan for their retirement? No, it’s not because they can’t afford to. It’s because it’s a low priority and to do so would cut into the present day standard of living.
There is no reason to believe this will ever change. It’s time to be honest. Raise the payroll tax to both make Social Security sustainable and raise benefits. Of course, more will never be enough and making the Social Security benefit too large will only encourage less personal responsibility, but that’s the age in which we live.
For the average retiree Social Security is designed to replace about 40% of income. How much higher are we willing to pay for?