Congress’ dilemma: How to fix Social Security
In this Motley Fool article by Sean Williams, the author explains why the Social Security financial dilemma exists in the first place and then describes how a divided Congress seems unable to develop a compromise solution that will solve the program’s problems. On one side of the aisle the Democrats favor raising payroll (FICA) taxes “on the rich”; on the other side Republicans favor reducing the program’s costs by gradually raising the full retirement age for future beneficiaries. According to the author, while both offerings have some degree of merit, the political climate in Washington today has paralyzed progress on solving this problem because neither side is willing to compromise.
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To read the Motley Fool article by Sean Williams, click here.