Social Security Problems and Solutions
If there ever was a budget issue that has been so blown out of proportion by both politicians trying to privatize Social Security for their Wall Street buddies, and the media it is Social Security.
Social Security adds absolutely nothing to the national debt. Any politician who tells you it does is simply trying to privatize it, so their rich Wall Street donors can get their greedy hands on the $2.8 trillion dollar trust fund.
Social Security has plenty of money to last into the mid 2020's even if nothing is adjusted right now. The idea of handing Social Security over to Wall Street would be one of the biggest mistakes in modern American history; because they would find a way to lose it, and completely devastate all Americans.
Solution: The easiest solution to extend the life of Social Security is to simply raise the current $118,500 dollars of taxable income to whatever is needed to extend the lifespan of Social Security indefinitely.
Right now only the first $118,500 dollars of income is taxed for Social Security. So that means if you make $118,500 dollars a year all of your income is taxed for Social Security. However, if you make $1 million dollars only the first $118,500 is taxed for Social Security.