The purpose of Social Security is to help families. It reinforces the intergenerational sharing that families already -- though imperfectly -- provide. It helps retirees by stabilizing their income, and it helps their grown children, who are relieved of any excessive burden of supporting them. This purpose strongly suggests that the Social Security benefits should be indexed to some measure of the available, aggregate economic pie. That means a formula that looks completely different from the ones being discussed today.” Achieving the right benefit formula while fixing Social Security’s solvency problem might require increasing the contribution rate — now in the form of 6.2 percent taxes on employees and employers. But so be it. We need to say what is right, keeping our eyes on the integrity of Social Security, which is crucial to our identity as a civil society.
Posted on: Mon, 10 Jun 2013 17:40:11 +0000
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