As we have seen for over thirty years relying on Congress to enact changes just to keep Social Security functioning is a recipe for disaster.
Given we readily elect ignorant, shortsighted, uninformed individuals to Congress who can do terrible harm and simply move on …
We need to keep Social Security as far away from politicians as possible.
QUINNSCOMMENTARY 
“The present system pays disproportionately generous retirement benefits to lower income workers”
All income workers receive those exact same benefits for the same income dollar amount. The higher income workers just get additional benefits at a lower rate on the higher portion of the wages added on top of those of the lower income workers. I wish higher income people would quit spinning it like they are worse off than the lowest income folks. I’m sure if you wanted to exchange your benefit with a lower income person they will happily accept the additional dollars.
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It seems obvious to me that putting an automatic process in place like you suggest would keep Social Security (SS) solvent. I suspect the reason we lack one is no accident. Many in Congress claim current workers would be better off if their payroll taxes were instead invested in securities held in their own individual retirement accounts.
I was personally bullish in investing in stocks during my career, and remain heavily invested now that I am retired. However, I am skeptical about optimistic projections made by politicians who wish to restructure SS. I think Dick Quinn has deeper knowledge about SS than I, but here are just a few issues I am concerned about. The present system pays disproportionately generous retirement benefits to lower income workers; the spouse is entitled to the greater of their own earned benefit or half of the spousal benefit; dependent children receive benefits if their parent is deceased or disabled; workers receive disability benefits if totally disabled; and all benefits are adjusted annually for inflation.
I propose fixing SS funding as suggested by Mr. Quinn to keep it solvent in the long term, and that those who advocate reforming it instead lend their voices to advocating that all workers, in addition to paying payroll taxes, also invest in stocks for the long run.
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Remember, politicians love power, power to direct our lives–any method that allows you and I more control over our retirement funds is not so popular with these folks–I would like to see a program closer to the Australia plan or the Galveston Plan which treats your contribution as a real retirement vehicle–assuming that won’t happen here the suggestion made sounds reasonable.
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But isn’t Congress, made up of those ignorant, shortsighted, uninformed individuals”, the ones required to make the changes you propose to be made to SS? Seems you are asking the impossible.
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You have a good point which is why SS was allowed to reach the point it has.
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I expect very little from Congress. And I’m rarely disappointed!
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