Social Security crisis on the horizon
Social Security is losing billions and younger people working today could face benefit cuts in the future. Steve Chiotakis talks to Fortune Magazine's Allan Sloan about what the government can do to avoid a retirement disaster.
Allan Sloan is a senior editor-at-large at Fortune (APM)
More on Retirement - Saving
Comments
Comment | Refresh
05/19/2009
What about just correcting the income cap on SS. earnings for inflation to the last time it was set in 1983 and then indexing for inflation? The math I've see suggests that will get us past the baby boomer retirement "bulge."
Remember, we don't have to fix SS forever, we just have to push the "drop-ddead date" ahead 20 years until all the boomers die.
Medicare is another matter altogether, however. That's going to be the issue of the next decade, IMO.
From Kansas City, MO, 05/18/2009
I've often wondered if Allen Sloan really knows what he's talking about. With his remark that we should bail out SS, he's proven that he doesn't. Hey Allen: Bail SS out with what? Social Security is the full faith and credit of the US economy, and since our politicians are too stupid to do anything about the tsunami, the only bailout left to us is inflation today or hyperinflation tomorrow.
You guys need a new financial guru.
From Oshkosh, WI, 05/18/2009
No one wants to pay taxes, but if high-bracket taxpayers were taxed at the same rate as low-bracket taxpayers on ALL of their income, perhaps the coming revolution might be postponed.
From MD, 05/18/2009
Social Security problems could be solved if the rich were taxed at the same rate as the poor. People receiving millions of dollars a year in wages should pay social security taxes at the same rate as those earning $15,000.
Post a Comment: Please be civil, brief and relevant.
Email addresses are never displayed, but they are required to confirm your comments. All comments are moderated. Marketplace reserves the right to edit any comments on this site and to read them on the air if they are extra-interesting. Please read the Comment Guidelines before posting.
You must be 13 or over to submit information to American Public Media. The information entered into this form will not be used to send unsolicited email and will not be sold to a third party. For more information see Terms and Conditions and Privacy Policy.