The first step to ditching America’s long-term-broken social security system is for the public to realise that social security simply can’t survive in its current form.
That’s already happened:
A USA TODAY/Gallup Poll finds that a majority of retirees say they expect their current benefits to be cut, a dramatic increase in the number who hold that view. And a record six of 10 non-retirees predict Social Security won’t be able to pay them benefits when they stop working.
scepticism is highest among the youngest workers: Three-fourths of those 18 to 34 don’t expect to get a Social Security check when they retire.
Fixing social security won’t be quite the political hit potato once most Americans realise that the money they pay into social security isn’t sitting anywhere for them in there name, but is merely a cleverly disguised tax.
The government can now remove social security from the 18-34 year olds above, and it will be simply meeting their expectations, rather than outraging them, since most young Americans already know the social security promise is false.
It could then fix the system to be sustainable over the long-term, whereby social security contributions are actually held for people for when they get older. This would remove the giant, ballooning future spending liabilities currently implied by the current social security model. (Which was built in an age that failed to consider how there’d be a higher ratio of elderly-to-young in the future)