Where do we get the $75,000? We have to tax it, borrow it or print it.
“Lets say we do this at an annual percentage rate of 3 percent and pay it off entirely in those thirteen years we would otherwise have to send SSI checks out to these folks.”
Okay, you want to borrow it. I don’t agree with that. We’ve borrowed enough, IMHO.
Frankly SS is not the cause of our deficit today. The cause is excessive spending, ineffective tax cuts (pay roll tax cut is one) and poor revenue from a poor economy.
My plan is pretty straight forward. In any year that SS runs a deficit, the retirement age is increased by three months. Put it on a cash flow basis.
My plan ends social security altogether in about thirty years and allows folks to create their own retirement nest eggs that thy alone would own. How do you achieve this if at all your way?