How would you change Social Security?
The Social Security Act was signed into law by Franklin D. Roosevelt 75 years ago, in 1935. Regular monthly payments began in 1940. Since then there have been expansions to the program, and Congress has frequently argued about reducing program benefits.
Social Security was originally intended as a retirement benefit, funded by payroll taxes. The age 65 was chosen as the age of eligibility simply because that was the age used in Germany.
Once again Congress is considering cutting benefits. There is also talk that some people may need to “sacrifice” and work beyond the age of 65. That doesn’t sound like much of a sacrifice to me since life expectancies are much higher today than they were in 1935.
Congress is once again talking about other changes and benefit cuts to Social Security as well as Medicare and Medicaid. Do you have specifics would you suggest?
So the question today is: How would you change Social Security?
Published On: January 04, 2011