Save Social Security

If Congress eliminated Social Security’s cap on taxable income, $130 billion in additional money would flow into Social Security every year.

The Social Security system is running out of money. In 1937, 92 percent of all U.S. earnings were subject to Social Security taxes. Today, 83 percent of earnings fall within the Social Security tax requirement. By the year 2035, there will be more than 78 million older Americans compared with 56 million today. The number of workers to fund the retirees, which today is 2.8 workers per retiree, will fall to 2.3 workers. In 2035, the trust funds will be depleted, and Social Security will then be able to pay only about 75 cents on the dollar.

Since the 1960s, the birth rate has been in decline. We have fewer young people working to pay for people who are entitled to Social Security. This trend is not going away. Given the above problems that plague our Social Security system as it is currently administered, it’s clear something must be done.

The Solutions

  1. Scrap the cap.

  2. Raise the full retirement age.

  3. Reform the Social Security disability program.

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Saving our democracy starts with an educated citizenry that isn't afraid to break from party lines. In this Playbook, Trek Bicycle President John Burke proposes 16 detailed solutions to our country's biggest challenges that are rooted in fact not ideology.