Letter: Social Security not a bad idea in theory, but in practice

Social Security, when it began, wasn’t a bad idea. The problem is what it has morphed into. We should get back to the “safety-net” that it was intended to be in the first place. But any changes should be “fair” to everyone. SS is a good (not great) program for the poorer citizens, but it’s a lousy “investment vehicle” for the more affluent. We could start by freezing the “top” benefit payment, and only increase payments for those not yet at the maximum level, until everyone is receiving the current maximum benefit. At the same time we could slowly start decreasing payroll tax rates (at a revenue neutral rate) back down towards the 1% where SS started out at. This would increase everyone’s paycheck, raise benefits for those who need it, and after a couple of generations it would bring the SS program back to the safety-net that it was intended to be. And as for those currently receiving the maximum benefit, start by gradually lowering the tax rates on benefits until SS benefits are back to being tax-free, just like when it started out.