"ALL CAPS IN DEFENSE OF LIBERTY IS NO VICE."

Friday, April 29, 2005

HOW TO CUT SOCIAL SECURITY COSTS WITHOUT CUTTING BENEFITS TO ANY RECIPIENTS

KJ Lopez of NRO's THE CORNER linked to this intriguing idea at Buttle's World:

"... allow people of retirement age the option of continuing to work as long as they want, but tax-free. Since they are working, they would receive no Social Security benefits. Obviously this would not apply to any funds in a private account. Since they weren't going to be paying taxes anyway, there's no negative impact on revenues. Employers gain experienced help at a bargain. Seasoned Citizens get a whopping raise. And even if only a few percent take advantage for a few years, it could go a long way toward offsetting the shortfall. I'm not qualified to analyze the proposal in detail, but it intuits well. So I'm askin' ya: What do you think?

I think it's a GREAT idea. And I wonder: HOW SOON CAN WE LOWER THE RETIREMENT AGE!? Heh.

Seriously: we can EASILY give people over 65 an income tax cut and/or a cut in their FICA. And I think this should be part of any overhaul which includes personal accounts. And, we can MEANS TEST PERSONAL ACCOUNTS, making it most available to lower income workers.

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