I don't object to the concession and read your article.. COLA don't mean that much to me if it will help save the program for future generations.. You had a fit the payroll tax holiday expired when it was robbing SS of 120 million a year.. I am glad it expired and would support a 2.66 increase like your article stated..<quoted text> (Money Magazine)
Peter Diamond, professor of economics, emeritus, Massachusetts Institute of Technology and recipient of the 2010 Nobel Prize in economics, answers the big question of how to fix Social Security.
Can we save Social Security?
Yes, Social Security can be fixed. There's a long-term deficit problem, but it's far from a crisis yet. Projections show the trust fund will run out of money by 2033. At that point everyone's benefits would have to be cut by 25% if nothing is done.
But it won't go to zero -- there would still be enough money to pay remaining benefits for years to come. Still, this is a great time to fix Social Security precisely because we might do better if there isn't a crisis.(cont.)
I object to Obama's apparent concession to the chained CPI, and the article addresses that issue as well.
"Your plan is nearly 10 years old. Would it still work?
Yes, but the deficits have grown about 40% over the last decade, so fixes would have to be larger and kick in more quickly.[The Social Security Administration said this year that immediately raising the payroll tax 2.66 percentage points could repair the program.]"