Today, Our Generation, released a new report entitled; Social Security a Program Worthy of Reform. The report highlights the solvency issues with Social Security, which is set to run out of money in a few short years, and offers reform solutions that do not raise taxes nor increase the retirement age.
Social Security is on a collision course to insolvency. Politicians and the Obama administration should be aware that small changes to the program can make the program solvent for years to come and pave the way for more structural changes in the future.
The reforms outlined below and included in the report, would make Social Security programs more solvent and transparent, two criticisms the current program faces. Some suggested reforms include:
- Locking the trust fund and using payroll taxes only to fund Social Security;
- Replacing IOUs with cash, giving beneficiaries more security and transparency;
- Adding Trust Fund IOUs to the National Debt, which would increase transparency;
- Reforming Social Security Disability Insurance by tightening eligibility requirements to focus resources on the most disabled individuals, coupled with incentives to employers to keep disabled individuals working.