US needs to plan the future of Social Security
President Barack Obama released his 2015 budget earlier this year, and that means it is time to begin sparring over spending cuts and taxes. We have written about these debates before but now want to focus on a specific issue — Social Security. The program is a “pay as you go” system, meaning current workers pay taxes that provide benefits for those currently retired or disabled. When the Social Security Act of 1935 was implemented, the system had approximately 40 workers for each beneficiary…Read More
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