Fixing Social Security
Some changes can be made already, and have been. Social Security is promised but not the exact amount you paid in. Cost of living adjustments can be reduced, means testing could be applied, and retirement age changed (again).
More draconian measures will likely have to be voluntary to survive lawsuits. My suggestions:
- Allow people to give up Social Security benefits in return for something of value, e.g. exemption from further SS taxes and no "new and improved" retirement-equivalent taxes until the amount owed by SS has been reached. My generation generally has no faith we will get a dime, so while it sucks it would be worth it to me to simply not have to pay into a fund I will never see a benefit from.
-giving up SS in return for a fixed lump sum at retirement
-not getting any SS payments, but in retirement Federal taxes are "forgiven" up to the amount SS would have paid.
And most importantly, a signed, engraved apology from the United States Government to the effect that it screwed up. I really think it would be best if we could phase out the current system and go to a personal savings account system (which couldn't be accessed by the owner until retirement or disability, or by the government EVER). The government has proven it can't be trusted around the cookie jar, so the best cure is to take the cookies away from them.