Will This Bipartisan Plan Save Social Security?

Wednesday morning the election will be over. It will be time for us to lick our wounds and work together for the good of our Country. The folks over at Quora asked The Seniors Center president Dan Perrin if he could come up with some suggestions about how Republicans and Democrats can work together to save Social Security. Dan’s suggestion:

  1. Congress must repay the nearly $3.9 Trillion that it has borrowed from the Social Security Trust Fund to allow current retirees to continue benefits through 2034.
  2. Democrats must agree to Republican proposals to gradually increase the retirement age for new retirees to age 70.
  3. Republicans must agree to Democrat proposals to require the most wealthy six percent of Americans to pay the same percentage of their income into Social Security as other Americans.  Currently, the maximum Social Security Payroll Tax is $15,921.60.

According to Perrin, this three point plan would allow Social Security benefits to keep up with inflation and continue well into the next century.