The following is true, but …
Social Security provides two-thirds of retirees with half or more of their income. It provides virtually all of the income of one-third of senior beneficiaries. Cutting these modest benefits would throw millions into poverty and increase the depths of poverty of millions more.
The American people are divided on many issues, but not Social Security. They recognize that Social Security is a solution and should be expanded, not cut. Poll after poll shows that Democrats, Republicans, and Independents overwhelmingly agree that Social Security should not be cut and that the program’s modest, but vital, benefits are more important than ever. Source: Huff Post
Social Security has been around for eighty years. During that period there has been tremendous economic growth and some missteps. There are more and more programs to help the lower income and middle class and several vehicles to help prepare for retirement. And yet … “the program’s modest, but vital, benefits are more important than ever.”
More important than ever? Why?
Why over all these years of opportunity haven’t the American people learned to plan for their retirement? No, it’s not because they can’t afford to. It’s because it’s a low priority and to do so would cut into the present day standard of living.
There is no reason to believe this will ever change. It’s time to be honest. Raise the payroll tax to both make Social Security sustainable and raise benefits. Of course, more will never be enough and making the Social Security benefit too large will only encourage less personal responsibility, but that’s the age in which we live.
For the average retiree Social Security is designed to replace about 40% of income. How much higher are we willing to pay for?
QUINNSCOMMENTARY 
Something doesn’t add up in this article. For 100% of the retirees, they get than 50% of their income from Social Security. Now add in the cash value of their Medicare benefits. Who needs pensions & 401Ks. If Social Security was only intended to replace only 40%, then the program has exceeded that goal. What are people complaining about then?
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That’s the problem! Those who want higher benefits want others to pay for them. As current funding confirms, people are not willing to pay for the current levels of benefits.
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Oh, did I forget to mention federal, state and local taxes are higher?
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However: 1.) a college education is much more expensive than sixty years ago, 2.) housing, especially in some of the largest metro areas, is much more expensive than sixty years ago, 3.) health care is much more expensive than sixty years ago.
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You are correct Vince..
1.) a college education is much more expensive than sixty years ago. Easy credit.Student loans. Everybody needs a college degree.Higher demand =higher prices
2.) housing, especially in some of the largest metro areas, is much more expensive than sixty years ago. Easy credit. If you can fog a mirror, you can get a mortgage. Government policies. The American dream. Tax policy subsidizing home-ownership through mortgage interest deduction.Higher demand = higher prices
3.) health care is much more expensive than sixty years ago..Can’t blame this one on easy credit. Higher prices come from some combination of health insurance, technological advances in healthcare and healthcare litigation. Doctors order every test known to mankind. CYA
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“Why over all these years of opportunity haven’t the American people learned to plan for their retirement?”
I think that over the past 50 or 60 years the American people have unlearned something they already knew. The mind set of saving for a future need was destroyed by the proliferation of easy credit. If I want something now, I can have it now and I’ll worry about paying for it later.
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I think you have a valid point indeed.
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Jack B. Not only easy credit but, the welfare state that grew out of the 60s civil rights movement. Has taught citizens that with SS and other government programs you no longer are required to be responsible for your retirement.
Without telling them they will be living at the poverty level. And for many this is ok.
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Good point
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