The *fairest* way to handle the problems with Social Security and Medicare
In Medicare and Social Security Trustees Warn of Shortfalls, President Obama said that Social security could be more generous and the wealthier citizens could pay a little bit more. This could be helpful to a certain extent. But are the wealthier people giving to people who really need the help or to people who haven’t saved up for retirement? (#3)
I think that there are fairer ways to help solve the problems with Social Security and Medicare. Raising the retirement age and increasing the age at which someone can receive social security if they are determined healthy enough to continue to work would be a great start. Most people can and are capable of continuing work after the age of 65. For example, my boyfriend’s dad is a pilot and is completely heathy and is still capable to fly a plane (they have even done test to prove this) but they are forcing him to retire in March because of his age. According to U.S. News, “If the full retirement age was further increased to 68 by 2028 it would reduce benefits by about 7 percent and eliminate 15 percent of Social Security’s funding shortfall” (#2). That’s not all. “If the full retirement age was increased to 70 by 2050 it would reduce benefits by about 21 percent and the deficit by a quarter” (#2). This wouldn’t necessarily be for every 68 or 70 years old, but it would benefit the ones who were still capable of work and at least give them the option.
Because of increases in life expectancy, the baby boom generation is likely to draw more from Social Security than it ever paid in payroll taxes. Further, Medicare spending has risen rapidly in recent years. These two things together mean that the Social Security and Medicare systems are likely to face a shortfall in the near future. What do you think is the *fairest* way to handle the problems with Social Security and Medicare?