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Social Security is a promise made. Here's a simple plan to save it

Social Security is a promise made. Here's a simple plan to save it

Miami Herald21-07-2025
Social Security is more than a government program. It's not an 'entitlement.' It's a promise — a promise made to generations of Americans that after decades of hard work, their retirement years will be met with dignity and financial security. But that promise is at risk.
The Social Security trust funds face growing challenges, and too many solutions offered today either threaten benefits or ask too much from working families. We don't need cuts or gimmicks. We need a balanced plan that keeps the promise without breaking the backs of everyday Americans.
Here's a straightforward approach to securing Social Security for today's retirees and generations to come:
Reallocate defense spending: Redirect $74 billion over three years from nonessential defense expenses. The United States can maintain its security without sacrificing economic stability.Modernize payroll taxes: Keep the current cap on taxable income but reapply Social Security taxes on yearly earnings over $250,000. This 'doughnut hole' approach asks the wealthy to pay their fair share without burdening middle-class families.Scale benefits for the wealthy: Gradually reduce benefits for retirees earning more than $250,000 annually, phasing out entirely at $2 million. We should even offer a voluntary 'Patriot Opt-Out' for ultrawealthy individuals who choose to forgo benefits.Adjust the retirement age sensibly: Raise the full retirement age by two months each year for those who are younger than 40 today, eventually reaching age 68 or 69 over time — with exemptions for workers with physically demanding jobs.Gradually increase payroll taxes: A modest increase from 6.2% to 6.5% over 10 years would ensure steady funding without shocking workers.
This plan would extend Social Security's solvency well beyond 2090, protect benefits for working- and middle-class Americans, and restore fairness by asking the wealthy to contribute more. It's realistic, compassionate and fiscally responsible.
Social Security is a sacred promise. It's time to keep that promise — not just for today's older adults, but for all Americans. Because fairness matters. Because dignity matters.
This plan would make a promise made a promise kept.
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