National Academy of Social Insurance: 'Social Security: Just the Facts'

Source:NASI- with a vide about Social Security.

"You may have heard we can't afford Social Security. But the facts may surprise you. This video from the National Academy of Social Insurance (www.nasi.org) explains the basics about Social Security, its purpose, who pays for it, who gets it, and what it means to seniors, working families, and children now and in the future. To learn more,  visit the "Learn" section of NASI's website at:NASI 

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From NASI 

I mostly agree with this video. What I want to do here is to explain what Social Security is and what it isn't and then lay out what needs to be done so it's still around after the Baby Boom Generation retires in 10-15 years. (Depending on how you define that generation) 

Social Security, is not a national pension system. It's not the sole provider of pensions in America. Most Americans either have a private pension plan, or have their own personal retirement plan that they personally set up and perhaps with contributions from their employers. A lot of Americans if they have a career in government service, like the military Foreign Service, law enforcement, or have worked in state or local government, have government pension plan, that they've worked for and have even paid into, that's separate from Social Security. 

What Social Security is, is a single-payer, pension insurance plan, to guarantee that every American has at least that income to rely on, when they're too old and not healthy enough to work full-time. As well as a disability program for adults who simply don't have the mental or physical capabilities, to get a job that allows for them to be economically independent, so they're not on Welfare their entire adults lives, but instead can work up to their capabilities and have enough money to live on. 

By the 2030s, if nothing is doing to reform Social Security, we'll see shortfalls in that Federal program. Just because someone acknowledge the obvious shortcomings and shortfalls of any social program, doesn't mean you are against that program. It could simply believe that program needs to be fixed in order to save it. Which is what I'm doing here. 

By simply taxing the benefits of the wealthy on Social Security, even ay 2-5%, that alone would save that program. Along with raising the eligibility age for people who can afford to work and are mentally and physically capable of working pass 65-57 years old and even want to continue to work. People who work well-paid, white-collar jobs, is a perfect example.