Social Security is still the best retirement program we have. Benefits should be increased, paid for by raising or eliminating the payroll tax cap.
By Michael Hiltzik Los Angeles Times June 5, 2013
Fear-mongers and other critics of Social Security were silenced — momentarily — by the release last week of the annual trustees’ report for the programs. The report showed not only that it’s looking pretty good in the near term, but in the long term it’s more important to the sustenance of millions of Americans than ever before.
But policymakers and pundits have taken the wrong lesson from these findings. The argument they most often put forward is that Social Security is so important it must be “saved,” typically by cutting benefits to bring its outflow in line with its income.
But the right conclusion is that it should be expanded. This is the proper moment to do so, because the shortcomings of the rest of our retirement system have never been so obvious.