Social Security: It’s time to build on its success

[eridani]

http://justcareusa.org/social-security-its-time-to-build-on-its-success/

Contrary to what you might hear from some pundits, our nation can afford our current level of Social Security. In fact, we can afford a greatly expanded Social Security. America is the wealthiest country in the world. The question of whether to expand Social Security is simply about our priorities, not about whether we have the funds to do so.

Congress and the President should agree with President Nixon that “the retired, the disabled and the dependent [beneficiaries of Social Security] never again bear the brunt of inflation. The way to prevent future unfairness is to attach the benefit schedule to the cost of living.” And, in 1972, Congress passed legislation to index Social Security in order to prevent inflation from eroding its earned benefits. Unfortunately, while in theory Social Security’s benefits should not erode over time, in practice they do.

The inflation adjustment measure for Social Security does not comport with the spending patterns of older adults and people with disabilities. People who receive Social Security tend to spend more on health care, whose costs have been rising far faster than overall inflation. As a result, while costs for Social Security beneficiaries have risen in the last year, there is no Social Security cost of living adjustment in 2016. The formula needs to change. And, there are some bills in Congress that would change it.

[Omaha Steve]

1. Thanks for posting

K&R!

OS