Social Security works. Don't let Trump destroy it
by Marty Hart-Landsberg
Street Toots, April 14, 2017
Social Security is not in crisis. It is a strong program, and if necessary, a simple reform can ensure its continuing smooth operation for the foreseeable future. In fact, two bills have recently been introduced to do just that. The Social Security Expansion Act and the Social Security 2011 Act both include new taxes on high-income earners, higher minimum benefit levels, and use of a new senior-oriented consumer price index for calculating yearly benefit increases. The Social Security Expansion Act is projected to extend the system's solvency by 60 years; the Social Security 2011 Act by 75 years.
What does need our attention is the broader workings of our economy. Among the most pressing issues is the disappearance of secure, well-paying jobs. In fact, a growing number of analysts worry that the labor market has become so bad for workers that we may be facing the end of retirement; low pay and the lack of benefits will force people to work until they literally drop. That we have come to this point is the real crisis.
Martin Hart-Landsberg is a professor of economics emeritus at Lewis and Clark College. Street Smart Economics is a periodic series written by professors emeriti in economics for Street Roots.