Starting in 2012, the 1945 "Baby Boomer" hits sixty seven years old. Approximately 5 million "Baby boomers" will retire each year for the next two decades. When Social Security was enacted the ratio of tax payer to recipient was 28 to 1. The current ratio is approximately 3.0 to 1.
The 2013 Social Security Administration budget is projected to be $882.7 Billion, and it will grow by 10% a year without COLAs.
Here are a few ideas on strengthening and preserving Social Security!
1. Increase Social Security payroll tax to( 7.5%/7.5%) from (6.2%/6.2%)
A. Increase payroll deduction limit
B. Needs testing
2. Grow the economy, strengthen hard Social Security revenues, reconstitute the SS IOUs, and eliminate the Federal government's ability to borrow from the yearly Social Security revenue stream and surplus.
(Hands off Amendment)
3. Enact "Birthright Citizenship bill" retroactive to the Reagan immigration legislation.