Every way of closing Social Security's funding gap asks someone to pay more or receive less. That is why the decision keeps getting delayed. Imagine you are advising Congress. Spread 100 points across the options below to show how much of the gap each should close.
Spend your 100 points
Every worker and employer pays a little more.
Today, wages above a yearly cap are not taxed for Social Security.
People wait longer for full benefits, reflecting longer lives.
Protect those who depend on Social Security most.
Use other taxes, or borrowing, to top up the system.
Benefits are cut automatically when the trust fund runs short.
100 points left to allocate.
There is no correct split. Notice who pays under your plan: workers, employers, high earners, retirees or future taxpayers.
Compare and defend
- Who carries most of the cost in your plan? Is that fair?
- How might raising the retirement age affect people in physically demanding jobs differently from office workers?
- Does your plan change your answer to the episode's last question: what should Social Security be for?