Healthy outlook for Social Security
To the editor:
It’s good to know that the Social Security Trustees 2013 reported in June that Social Security is still in good shape and can pay full benefits for another 20 years.
The $2.73 trillion surplus in the Trust Fund means that there is no crisis as some would have us believe. Congress has time to make modest and manageable changes to ensure that full benefits can continue for future generations. However, any decisions about future changes must be done outside of the debt and deficit talks. With clear thinking instead of combatant ways helpful proposals like raising the wage cap can move forward.
When the payroll tax is collected only on the first $113,700 of earned income, it is rational to expect that workers earning above that amount should make Social Security payroll contributions on all their wages like the rest of us. This would significantly improve the long term outlook for Social Security which is a program that most Americans will need to continue to depend on for much of their financial needs.
Kath (Kathleen R.) Allen