In the deficit-obsessed, anti-tax world of Washington, closing the shortfall in Social Security has come to mean broadly cutting benefits. That would be a mistake. Targeted cuts -- like lower payouts for upper-income recipients who live longer and draw larger benefits -- could improve the system's finances and fairness.
But those who promote across-the-board cuts are not interested in strengthening the system. They want to reduce the budget deficit. And even though Social Security is not a cause of today's deficits, they would rather cut benefits than improve the system's finances by imposing tax increases on higher-income taxpayers or phasing in a modest payroll tax increase over decades. |