Will Social Security Benefits Increase?
Today, the Washington Post published an article on the Democratic party wishing to increase Social Security benefits. An increase in benefits has been an issue touted by both Hillary Clinton and Bernie Sanders, and now President Obama. Sanders wanted to tax the highest paid earners, raising the current payroll tax on those earning the current $118,500 maximum. However, this approach would eventually confer five times more money on the top 20 percent of earners than on the bottom 20 percent, which does nothing to provide security for most retirees. Clinton has proposed a more limited benefit expansion, one that would expand benefits for widows and for those who took significant time out of the paid workforce to care for children. While this appears on its face to be reasonable, it does not address the biggest issue which is that revenue from higher taxes cannot be spent on enhancing the Social Security Trust Fund, which will begin to deplete in 2034. It is time for the next president to secure a long-term solution to funding the Social Security program.