However you feel about Social Security today, good bad or in between. And I’m somewhere in the middle, even though I wouldn’t of designed Social Security today or then. The way it was designed and I’m guessing no one would of. From Progressives who loves Social Security and if anything want to expand it. And make it into a National Pension System, something like Single Payer Pension. Which I’ll get into later or Libertarians who generally speaking hate Social Security. And see it as Unconstitutional, where ever you are in this debate. Even Liberals on the Center Left or Conservatives on the Center Right. You probably wouldn’t design Social Security today or then, based on how it was.
Social Security by in large has been a very successful Social Insurance Program and thats exactly what it is. And should always be, at least the base of it. And I’ll explain what I mean by that later, Liberals and Conservatives both agree on this. For providing all Americans at least some floor of income they can count on in their retirement. But the most someone can make on Social Security, is roughly 20K$ a year. The Federal Poverty Level and the fact is. We still have a lot of Americans who only have Social Security to count on. For their income once they retire and are looking at around 15K$ a year in Social Security. And other retirees collect their Social Security but work a part time job in their Senior Years. Just so they can pay their bills, which tells me anyway. We still have too many Americans living in poverty.
However Social Security is reformed in the future and it will be reformed in the future. You can take that to the bank, the base of Social Security should always be the same. If anything be increase, where the least amount you can make on it. Is as the Federal Poverty Level but then what I would do is add what’s called Social Security Plus. Which is something all Liberal Democrats not just myself. Should be getting behind, for one its a great idea but the other. It works great politically, because we can still claim. That we’ll protect SS but that we are also allowing all Americans. To plan their own retirements and be Self Sufficient as Senior Citizens.
Social Security Plus would be an option that anyone paying into Payroll Taxes could choose. Basically the Payroll Tax would still be there, as insurance to whatever. Pensions that American Workers have for their Senior Years. But would give all American Workers an option to increase their own Payroll Tax. That would be matched by their employers and these Tax Hikes. Would go to the workers Personal Retirement Account. That they could invest part of it and not only put money into it from their main source of income. But put funds into it that they collect from other investments. The Stock Market, a side business, Real Estate etc. And empower American Workers to finance their own Private Pensions.
I read a blog about eighteen months ago on Huffington Post. And I wish I can remember the name of the blogger. Who was calling for a Single Payer Retirement System. Expanding Social Security to be the sole Retirement System for the country. We would no longer have Private Pensions, because Social Security would collect all of this income. This will never happen, nor will we ever completely privatize Social Security. But we can do something to save the program, make it work better. And empower all American Workers to plan for their own retirements.