Social Security and Unemployment Cure

The truth is ... If Congress does nothing — makes no changes at all — Social Security is projected to deliver full guaranteed benefits until at least 2037. Even after 2037, again without any changes, the trust funds will continue to pay more than 75% of benefits for decades into the future.

To date, Social Security has paid benefits in full and on time for nearly 75 years. If Congress enacts modest changes, Social Security will be able to meet 100% of its benefit obligations indefinitely. As one of the most successful government programs ever, the administrative costs to run it — less than 2% — are far below what Wall Street will ever charge investors for private retirement accounts.

What really needs to be done is to scrap the cap. Everyone should be required to pay the same percentage of Social Security taxes regardless of income. Currently, I think the cap is about $105,000. In other words, once a persons income reaches that amount, they don't pay any more into Social Security. Well, they should.

Plus, allowing people to retire and collect Social Security benefits at age 55 would open up the job market and alleviate the unemployment problem.