Regardless of what the CATO Institute (formerly the Koch Brothers Foundation) and the Heritage Foundation say: Social Security is Fully Affordable
In 2015 Social Security was 4.94% of GDP. In 2035 it will be 6.16% of GDP (all boomers over age 71). In 2085 it will be 6.08% of GDP.
Source: Social Security Actuaries 2014
Comparing Apples to Apples
Many nations spend much more than the United States on Retirement, Disability and Survivor Protection
The USA spends 4.8%
Austria spends 11.9%, France 11.6%, Germany 10.7%
Japan 9.8%, Spain 9.4%
Source: Social Security Works (pg 137)
How to extend Social Security and pay for the All Generation Plan from Social Security Works. 44 Democratic US Senators voted for extending Social Security while ZERO Republicans voted for expanding Social Security.
The left has a plan to extend Social Security and pay for the All Generation Plan from Social Security Works., with a set of proposed funding mechanisms that includes a financial transaction tax, a small increase in the overall payroll tax (which for most voters would only amount to a dollar or so per week), and higher taxes on the wealthy. Since these ideas are taboo on the right – though popular with everyone else – Wall Street has concluded that it’s better to pretend that this part of the populist agenda simply doesn’t exist.
But then, the anti-Social Security crowd has been playing by the same rules for decades: Ignore the needs and wishes of the majority, mislead the public about the fiscal facts and your opponents’ arguments, and stigmatize the elderly (a cohort which most of us will eventually join) as a morally flawed “special interest.”
Reflecting the majority’s will on an issue – which is presumably part of a politician’s job in a democracy – becomes “pandering” when it defies the wishes of elites and insiders.
To get higher returns Social Security could diversify its portfolio by investing a portion of its assets in broad-based stock funds with appropriate safeguards.
Tom Kociemba Ashevilleprogressive.com