OPINION: There are a few ways to fix our entitlement mess -- none of them are pretty.
Washington lawmakers are pretty good at a few things. They’re good at raising money for their next campaign. And they’re really, really good at avoiding difficult problems that might imperil their grip on power.
Social Security, Medicare and Medicaid are called “entitlements” because, well, you’re entitled to them. You pay taxes throughout your working life, and when you reach a certain age, the money begins flowing the other way. The politicians are always saying how sacrosanct this basic social contract is. But these programs are in trouble, and most lawmakers, in what I consider a vast dereliction of duty, aren’t doing anything about it.
Here are the most likely ways to extend Social Security’s solvency farther into the future. All involve some type of pain. Pick one or more: Raise—or eliminate — the cap on taxable wages. Right now, that 6.2% payroll tax is applicable on the first $142,800 you make. Anyone making more than that? Not a penny more. The cap creeps up a bit each year. But lifting it—which would unleash a gusher of cash into the Trust Fund? This idea has been around for decades, but politicians won’t act.
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