Social Security

By Paul L. Hackett

Simple solutions to a false crisis

The administration has manufactured a crisis because it doesn't believe the government should offer citizens this kind of insurance policy. The administration would prefer we treat social security as a money making investment account with all the risks that go along with such investments as opposed to what it is; an insurance policy. Just like car insurance when you pay the premiums you know and expect it will be there when you need it. We don't treat our car insurance like an opportunity to make money we shouldn't treat social security insurance that way either.

Social Security is not broken, but it can be improved and secured. There are far too many complicated solutions floating around. Let's focus on some simple ones.

First, Social Security is NOT a slush fund. The money put into Social Security from your paycheck should be used only for Social Security benefits. Treat it like your Christmas savings account: Don't tap into it throughout the year to pay for other stuff.

Second, instead of capping Social Security taxes at $90,000 of income, let's kick that number up to $150,000. (I'd like to take credit for the idea, but Warren Buffet thought of it first.) This simple step would eliminate much of the Social Security shortfall.

I for one would be paying more in Social Security taxes, but I'd be happy to. Why? Because we've all made a commitment to pass on a better America to our children. Our parents kept their word to us, and we have the same obligation. This pledge is a cornerstone of the American way of life. Those of us who have enjoyed success have a duty to uphold this commitment to our future generations.