Tuesday, October 5, 2010
Saving Social Security
When Social Security was first created the average life expectancy was 62 years old, they set retirement to be 65. Currently we have a loaming cash flow problem with Social Security. Part of the problem is that people are collecting too much money. Another problem is that the work force is not ever expanding like in the 1930's. President Reagan put off this problem by quietly raising the age to 67 but what he should have done was tie retirement to life expectancy. Currently the average life expectancy is 78 so the retirement age should go to 80 or 81 and then continue the link to life expectancy. Also, remove the add ons to the program from the Great Society programs and you solve this problem forever. Would I like this? No, but it would work.