twenty-year-olds, Americans of all ages are worried about their Social Security “entitlement”. A majority of Americans in their twenties feel they will see a UFO before they draw benefits from Social Security (Clinton: 386). Thousands of citizens have pledged their support under a variety of Political Action Committees and their efforts to revamp or maintain the program. The following will contain options being offered by think tanks and lobbyists for legislators to overhaul Social Security.Rate ReformMany legislators and lobbyists have faith in the current system. This resonating faith has caused many to devise a way to just reform the current policy’s numbers, lower some rates, or raise taxes to defer the bankruptcy certainty for a couple of decades. Obvious, easily adopted changes focus on the fringe numbers. One such change would Morris 5be to simply raise the payroll tax a percentage or two in order to yield a higher return from current payers. Another idea, heralded by President Clinton during his time of high approval ratings and budget surpluses, was to simply allocate a larger amount of the general tax revenue into the Social Security trust fund. Both measures have been opposed by tax lobbyists and a majority of conservatives as tax increases that will not solve the problem but just delay the inevitable (Certner). Another proposal focuses on lowering the level of benefits current beneficiaries receive through the Cost-of-Living-Allowances (COLAs). COLAs increase each Social Security check in comparison with the consumer price index. The Social Security Administration measures the previous year’s inflation and raises the amount each recipient receives accordingly. Increasing the age a person becomes eligible for benefits has also been thought of as a way to delay bankruptcy, as well as decreasing the benefits paid to spouses and families. However, just as tax increases only delay the inevitab...
