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AUTHOR: R Quinn on 7/19/2024
Social Security is an important program. Millions of Americans rely on it and millions more will in the future. At the same time it is widely misunderstood. Rumors of its demise are exaggerated. Some people unfortunately act on such misinformation by starting benefits early.
Making the program solvent for the foreseeable future is actually quite easy and relatively painless using a combination of changes For example, just making Section 125 employer cafeteria plans subject to the payroll tax would reduce the funding gap by 10% according the the Committee For a Responsible Federal budget calculator – but every year we delay it becomes more difficult.
A viable fix in my opinion requires future funding be adjusted automatically each year as necessary to account for demographics and benefit changes.
Social Security is an insurance program designed to be self-funding for good reason and in my view it is important to keep that design – in part that means not making the program dependent on general revenue which currently is illegal.
But finding a solution means Americans need a better understanding of Social Security.
QUINNSCOMMENTARY 
If the solution is to be simple, it must embrace the mantra: Don’t tax you, don’t tax me, tax that guy behind the tree. Or, the best tax is the one I owe and you pay.
Simply, until Congress admits that it used the program to buy votes, and deliberately underfunded the program – sending the bill to those too young to vote and generations yet unborn – Americans won’t embrace any change.
It will have to be shoved down their throats a la 1983. And, because of that, the most opportune time for a politician to take action will be … never, delay as long as possible, hopefully to a point after they leave office.
We have known this issue since Clinton was president. That was 30 years ago!
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