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|User Info||The Bottom Line On All The Frauds; entered at 2011-10-23 21:09:24|
The problem is a number of things in our society can behave linearly, exponentially, or some other way for several life spans before blowing up. The problem is when we write laws that stay with us that don't have built-in compensation if things start to get out of hand. |
That is why I think Social Security needs to be on some form of pay-as-you-go. From what I can see, making the retirement age float so that only some set % can be retired is the way to go. Maybe moving the retirement age to where only 70% (or 60% or 50%) of the people live long enough to get there would do it. Then you could have everyone pay SS taxes and use the 'what you take in is what you can pay out' method.
Years ago congress abdicated its responsibility and put a large amount of government spending on automatic. Unfortunately it was an automatic with no automatic adjustments.