Why should millionaire and billionaires be collecting from Social Security, people who've done very well for themselves and can finance their own retirement. If they should decide to retire when a lot of them don't and end up making a lot of money their whole lives. How can we call a Pension Insurance Program which is basically what Social Security is not a Pension Program. Social Security. when it only pays out for the people who actually need it, about 66% of the Federal Poverty Rate around 14K$ a year. And this program is for the people who need it as well as disabled people who can't live without the program. What we need to do tell the people who wouldn't miss collecting from these Social Insurance Programs, who wouldn't miss this assistance and perhaps rather not collect it at all. That you'll no longer be collecting from them and paying more into them. So the people who actually need them can have more Financial Security when they retire and not have to live in poverty. Because they didn't make enough money to put away for their retirement and didn't get a pension either. These two reforms alone would save both Social Security and Medicare and be a big help in the US Government getting its debt and deficit under control and we can stop borrowing from countries that don't like us to fund our Governmental Operations. Including things like Unemployment Insurance that we've been doing in the "Great Recession" and Grocery Assistance.
But these are just a few reforms that I would like to see in Social Security and our broader Welfare State. I would actually like to end our Welfare State by phasing it out but replacing it with something better. So no one who depends on these programs in order to survive gets hurt by my reforms but is actually helped by them. And I mentioned this several times already in a few other blogs but I would do this by first reforming the financing of them, as I've already mentioned. But them taking them off of the Federal and State Budgets and turning them into independent Semi Private Non Profit Community Services all of them. The ones that already have their own Revenue Source would keep it but be reformed. Like Unemployment Insurance, Social Security, Medicare to use as examples. But then the Social Insurance Programs that don't have their own Revenue Sources would get one. Like Welfare Insurance, Medicaid, Agriculture Insurance to use as examples and then they would all help the people who are eligible for them. Unemployment and Welfare Insurance would help the people who are on them get by but also put them to work so they can support themselves to use as examples.
I believe there's a faction of the country, people who I would call the Socialist Left in America. That believes that all Social Insurance Programs should almost never if ever be reformed. Because then they would have to admit that there's something wrong with them. That there are areas in the Welfare State that are actually not perfect and could work better then they already are. Except to give them more money and this is a big reason why they are so hard to reform.
Click on the link of the blog to see Thom Hartmann on Social Security Reform