Bipartisan Social Security
Is there such a thing as a plan for Social Security that could gain approval by both Democrats and Republicans? I claim no expertise in things politcal, but I have to admit that were both parties happy with a solution, I would be worried. I can’t imagine a solution to the looming problem of Social Security that could make anybody happy, let alone both major parties in the United States political system. But there is a plan in the works.
The plan was created by Jeffrey Liebman, who served as a special assistant for economic policy to President Bill Clinton; Maya MacGuineas, who served as Social Security adviser to Sen. John McCain (R-Ariz.) during the 2000 presidential campaign; and Andrew Samwick, a former chief economist on President Bush’s Council of Economic Advisers.
CNN Money
The major changes within this plan are:
- Increasing the payroll tax rate.
- Raising the taxable wage cap.
- Raising the retirement age.
- Creating mandatory investment accounts.
- Cutting benefits.
Is it possible that the only reason they all will be happy with the plan, is that no one really likes it at all?
