Word: taxingly
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Dates: during 1990-1999
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...estimate is that under present tax and benefit schedules, the Social Security system would plunge $6.9 trillion into debt between 2014 and 2034. If that is accurate, Clinton's 1999 budget proposals, which are supposed to pump $2.7 trillion into Social Security during the next 15 years, would close less than half the initial gap. Further reforms would be needed to keep revenues in balance with payouts after 2034. Also, the present system contains some glaring inequities that ought to be corrected--at the cost of making the fiscal gap even wider. No one proposal will probably come near...
...Senate bill written by Democrats Daniel Patrick Moynihan of New York and Robert Kerrey of Nebraska would allow workers to divert 2% into investment accounts but would lower guaranteed benefits to what could be financed out of the remaining 10.4%. Feldstein has an even better idea: keep present tax and benefit rates but have the government deposit into individual accounts an additional 2% of each worker's earnings, up to the prescribed annual taxable limit. On retirement the worker would repay Uncle Sam $3 of every $4 he or she had in the account. Taxpayers under this scheme might earn...
...offer a wide choice among funds making highly conservative to more adventurous investments, which is roughly the deal enjoyed today by employees in company 401(k) plans. In any investing, some risk is inevitable, but probably less than the risk that pensions would be slashed to keep a completely tax-financed system sound...
STOP SHORTCHANGING WORKINGWOMEN. Social Security is a rare if not unique institution that pays cash for housework and mothering. It pays a wife a benefit at least equal to 50% of her husband's, even if she never worked outside the home or paid a penny of Social Security tax. But women who worked on and off at low-paying jobs, as all too many in the generation nearing retirement age have done, receive pensions no higher than the stay-at-home moms. In effect, the Social Security taxes these workingwomen have paid earn them nothing...
...unemployment and superlow inflation for another decade or so, and the stock market soars even further into the wild blue yonder, then this program could be softened. Some ideas: restore full COLAs; do not increase the "normal" retirement age beyond 67, and set the earliest at 60; grant income tax deductions equal to Social Security levies to people with somewhat more income--maybe as much...