In this essay, I discuss the political limitations with Social Security. Essentially in order to make Social Security solvent the U.S. needs to either raises taxes or reduce benefits. Politicians hesitate to implement these options since they are unpopular with the electorate. Further, Republican and Democrats disagree about the preferred option of raising taxes or cutting benefits. In this paper I propose a populism approach to solving Social Security which is to let the voters decide the balance between tax increases or benefit reductions that should be implemented to make the program solvent. If the voters decide then politicians are more immune to pushback against raising taxes or reducing Social Security benefits.
Political Limitations of Social Security
Political Limitations of Social Security
Political Limitations of Social Security
In this essay, I discuss the political limitations with Social Security. Essentially in order to make Social Security solvent the U.S. needs to either raises taxes or reduce benefits. Politicians hesitate to implement these options since they are unpopular with the electorate. Further, Republican and Democrats disagree about the preferred option of raising taxes or cutting benefits. In this paper I propose a populism approach to solving Social Security which is to let the voters decide the balance between tax increases or benefit reductions that should be implemented to make the program solvent. If the voters decide then politicians are more immune to pushback against raising taxes or reducing Social Security benefits.