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Social Security crisis on the horizon
Allan Sloan is a senior editor-at-large at Fortune
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About the author
Steve Chiotakis was the host of Marketplace Morning Report until January 2012.
What about just correcting the income cap on SS. earnings for inflation to the last time it was set in 1983 and then indexing for inflation? The math I've see suggests that will get us past the baby boomer retirement "bulge."
Remember, we don't have to fix SS forever, we just have to push the "drop-ddead date" ahead 20 years until all the boomers die.
Medicare is another matter altogether, however. That's going to be the issue of the next decade, IMO.
I've often wondered if Allen Sloan really knows what he's talking about. With his remark that we should bail out SS, he's proven that he doesn't. Hey Allen: Bail SS out with what? Social Security is the full faith and credit of the US economy, and since our politicians are too stupid to do anything about the tsunami, the only bailout left to us is inflation today or hyperinflation tomorrow.
You guys need a new financial guru.
