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In contrast, Social Security works as intended by financing it, not private wealth or profits for industry predators. Bogusly, critics claim it's going bankrupt when, in fact, it's sound and secure if properly administered, needing only modest adjustments at times to keep it that way.
Moreover, as explained above, simple revenue enhancement methods exist, including a progressive income tax; removing the payroll tax ceiling, taxing all earned income at the same rate; and instituting a Tobin Tax - combined they might keep Social Security flourishing for a millennium, for sure a century or two, and more.
"They could and should be (ways to expand) Social Security benefits and (begin) phas(ing) out employment-based retirement plans" that don't deliver on promises. Retirement plans should have fundamental goals - to provide predictable, adequate income amounts, adjusted for inflation, delivering as much annual working lifetime earnings as possible. Achieving it depends on replacing today's "three-legged stool" - "Social Security, employment-based benefit(s), and personal savings - with a national system in which Social Security accounts for the" lion's share of income, "topped off by personal savings" that for most people are meager.
A Final Comment
For American workers, achieving retirement security is simple and achievable, but not with opposition from powerful, destructive forces - financial giants complicit with government, willing bipartisan majorities plotting to jeopardize the future of millions. A previous article explained how, accessed through the following link:
Only mass outrage can stop them from slashing Social Security, Medicare, Medicaid, and other social benefits on the way to ending them - a venal plot to make America another banana republic, its working millions oppressed serfs, their present and future security destroyed. Obama and congressional majorities support this in league with big money backers, largely Wall Street racketeers profiting hugely from sucking public and personal wealth to themselves. The die is cast. It's their future or ours. There's no in between. Grassroots activism only, or lack of it, will decide.
Stephen Lendman lives in Chicago and can be reached at Email address removed. Also visit his blog site at sjlendman.blogspot.com and listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network Thursdays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening.
http://www.progressiveradionetwork.com/the-progressive-news-hour/ .
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