12 Ways to Fix Social SecuritySubmitted by meekandmild on Fri, 05/21/2010 - 12:55
The Social Security program faces a long term financing shortfall. The trust fund's reserves are currently projected to cover payments until the end of 2037. Then there will only be sufficient resources to pay about three quarters of scheduled benefits. For full checks to be issued after that date the program's financing or benefit structure must be modified.
A U.S. Senate Special Committee on Aging report released today outlines the policies Congress could institute to eliminate Social Security's projected deficit. Options include tax increases, benefit cuts, and program tweaks that could be implemented separately or in combination. "Many members of the Committee, including myself, do not support and actively oppose many of the options," writes committee chairman Herb Kohl in the report. Here's a look at the potential Social Security fixes.