The Social Security system is failing and will eventually go bankrupt if we don’t act immediately. The system is in major trouble if steps are not made by 2034 and will go bankrupt in 2090. This may seem like plenty of time to deal with the problem, but if we wait till the last minute, drastic, instead of gradual steps will need to be taken. The Democrats want to do nothing and only want to strain the system by allowing illegal aliens to reap the benefits of a system they never invested in. This approach wants to take the benefits away from those that have put into the system by reducing their return allowing for the influx. As always, there is a solution in the middle, people are just afraid to #GovernTogether.
The system itself requires that more and more people pay into the system in order to be able to meet the current payout demand. The problem with this theory is that is assumes the population will always grow. This is naive in thinking as our population is already at a tipping point, and population growth needs to be discussed. Instead, we need to make the system, along with every government system, operate like a business and make money. It may not make money every year, but it should have a net positive over time. Simple and smart investment of the fund is key.
As medicine and society has grown in intelligence and wealth, we have extended our life span. This fact cannot be ignored and must be addressed. However, we cannot take from those that have earned it, and we can’t arbitrarily extend the age requirement to those vested in the system. Therefore, when reform is made into law, we must as of that date extend the age requirement for anyone born the day after the law goes into effect. This way, the law won’t take away from those already born and into the system and will start fresh with new expectations for those born after. This stands to reason because most likely, our life spans will increase in the future.
We also must start the Alien Social Security Administration (ASSA) to handle all alien funds, claims and benefits. There cannot be a burden placed on the Social Security of the American public that has been a part of the system since birth. An immigrant, illegal or not, entering the system at age 45, should not be entitled to the same benefits as someone that has always been a part of the system their entire life. For those leaving their home country for ours, they must understand that they cannot reap all the benefits of those that have paid into systems their entire life to receive needed benefits later on in their lives. The ASSA should be self-sustaining and gain in wealth overtime with smart and simple investments.
This multi-dimensional approach to Social Security will fix the problem and make it fair for all. Getting the system off of participation and into investment driven will save the system in the long run. Managed right, and investment driven system should lead to surpluses that would then be passed on to the participants with higher payouts to the people. The Social Security system will also be relieved of the burden of Credit Tracking as discussed in the Credit Reporting System issue, which I encourage you to read next. #GovernTogether