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Social Security

  • Raise the Wage Cap to $250,000

  • Decrease Pensions when other Income is Over $200,000

  • Entitle Widows to Full Entitlement to Deceased Husband's Pension

Any crisis in Social Security funding is not imminent.  As is, there is no payout shortfall until 2037.  After that 75% of benefits would be funded without any changes.

Social Security funds are currently there in the form of U.S. Treasury Bonds.  The fund has not been raided.

I propose to solve the long term Social Security and Medicare funding shortfall by raising the wage cap for contributions from $106,000 to $250,000.  This will provide an additional $100 Billion per year and cover the long term shortfall.  (Some want to eliminate the cap entirely.)

Additionally, I propose that pension benefits be phased out for recipients who have more than $200,000 in other income in a given year.  Benefits would be proportionately reduced as other income goes to $300,000.  For example, if other income is $250,000, 50 % of benefits would be received ($275,000 - 25%, $300,000 -0%).

Social Security is intended as a safety net for the elderly.  Currently, widows can receive only half of a deceased husband's pension.  They should should receive the full entitlement of their deceased husbands.  That is, when the widow reaches retirement age, she should be entitled to the same pension as he would have received at the same age.

AARP View of Social Security

See Top Five Social Security Myths MoveOn.org