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How you’d like to fix Social Security

By Jennie L. Phipps · Bankrate.com
Sunday, October 20, 2013
Posted: 6 am ET

Last week, we asked for suggestions for putting Social Security retirement on solid footing and ending fraud that has contributed to making the Social Security disability program run particularly short on money. Nearly 70 people offered suggestions. Here are a couple of them.

Chris wrote "Five simple steps to solving budget/Social Security issues."

  • Pass a balanced budget amendment. Just like normal people and the states have to do. We need to force Congress to figure it out since they can't do it on their own, and no funky accounting that borrows from Social Security.
  • Term limits. Career politicians have no incentive to fix the problems.
  • Remove caps on Social Security withholding. Everyone pays on 100 percent of wages.
  • Remove all Congressional exemptions, exclusion and perks. Congress shall be subject to the same laws as the people they represent.
  • Ban all forms of lobbying. There's a reason athletes in collegiate sports can't accept perks -- it helps maintain fairness and eliminates possible corruption."

Several people defended Social Security disability. Larry Hershenson was one of the most eloquent. He wrote:

I am totally opposed to fraud and misrepresentation of medical information being used to provide benefits to those individuals who are using the system to illegally receive compensation. I have a son who is disabled, and I know firsthand how important it is for him to receive this benefit. He is unable to work and is severely depressed that he cannot provide income to support himself. He is 22 years old, has been in therapy since he was 13. His attitude toward life has been completely impacted through this benefit, and he now looks forward to each new day, as his stress is slowly being reduced. I support our system of government to expose these individuals who abuse this program, and to prosecute them to the maximum penalty of our law.

Thanks to these and other thoughtful readers who came up with good ideas to strengthen our retirement planning system. Share them with your Congressional representatives.

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2 Comments
john martin
October 21, 2013 at 8:12 pm

Make the government restrict benefits to those who paid in and quit using SS funds as a bank for other purposes. The government needs to manage it's spending BELOW it's income- just like us!

Jan
October 21, 2013 at 4:59 pm

whatever moneys were allocated away from social security "back in the day" needs to be treated as a loan and paid back in full with interest by our government.