I recently read two dueling opinion articles in the Star. One advocated for the ridiculous proposal of privatizing Social Security. The other article articulated valid reasons why this is a bad idea but offered nothing in the way of solutions to address the current shortfall.
The solution is really simple. The current taxable maximum income for Social Security is $184,500. Simply removing that cap with no associated benefit increases would make the system solvent until 2067! With the incredible growth in income inequality over the past few decades, this flat tax on high earnings seems entirely justified. To make the system solvent for the long term, a small increase in the retirement age may be needed down the road.
Remember that Social Security is insurance. It provides money for basic living expenses, not for a lavish lifestyle. If you want to invest in the stock market, use your own retirement savings!
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Lee LaFrese
Northeast side
Disclaimer: As submitted to the Arizona Daily Star.
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