Monday, June 10, 2013
New York Times says, stay the course in maintaining Social Security
The New York Times has a good summary editorial on page A20, “What’s next for Social Security: Benefits are shrinking while retirement needs are growing”, Monday, link here.
The Times says that the GOP just wants to cut benefits for those who no longer “need it”, rather than take all the incremental steps to keep Social Security solvent beyond 2035 – raising retirement age, raising payroll tax limits, and the like.
The NYT points out that the effective benefits are dropping anyway, partly because tax rates (effectively) are going up as other income for better-off retirees goes up, and benefits go down as the full retirement age creeps up.
Social Security should be “fixed” by making it actuarially and contractually sound, not by playing God with who needs it.