Social Security In Crisis: Time For Action!

For the first time, Social Security is in clear financial crisis, as more is being paid out than being brought in by the Social Security tax this year.

This has been a growing crisis, which was thought to reach this point in 2016, instead of 2010.

Back in 1983, Ronald Reagan and Speaker Thomas “Tip” O’Neill worked together to come up with a compromise to solidify the Social Security system, with eventual raising of the age for full Social Security benefit being 66 for those born after 1943, and 67 for those born after 1960.

This was a good compromise as it gave future recipients long range notice of the rise in age eligibility. We need the same spirit of compromise now!

The best solution would be to raise the retirement age for full benefits to age 68 for those born after 1970; age 69 for those born after 1980; and 70 for those born after 1990. Age longevity has grown dramatically, and health care hopefully will make promotion of good health for a longer time much more likely.

This is the time for action, in order to preserve Social Security for the long term future, in the spirit of Reagan and O’Neill!

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