Better ways to fix Social Security woes

info@islandpacket.comMay 9, 2013 

Many of your readers must have been upset when they read that millionaires got $80 million in jobless benefits.

I wonder what they would think of 47,500 seniors with incomes over $1 million receiving Social Security benefits in 2010. That means that more than $1.4 billion was paid to these affluent people. A total of almost 1 million families with income over $200,000 in income received benefits, costing the Social Security Fund about $37 billion.

Remember, the Social Security contribution was an insurance premium under the Federal Insurance Contributions Act that covered not only Old Age Assistance, but also Aid to the Disabled and Blind, Aid to Dependent Children and other provisions in the Social Security Act .

President Barack Obama wants to fix Social Security? Don't play with the rate of inflation or extending the age for eligibility. Introduce means testing, take the cap off contributions and change the working life to qualify for a full entitlement from 40 quarters (10 years) to a more sensible period, such as 40 years.

Also, take Social Security out of the federal budget and let it stand alone, as it did originally, and let it operate like the insurance program it is.

Philip Sine

Hilton Head Island

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