Social Security needs an overhaul to save it

March 29, 2010

Something happened recently that should alarm us all. For the first time in more than two decades, Social Security has started paying out more benefits than it collected, a total of $29 billion more for this year. The problem is our government has been borrowing and then spending the money you pay into social security for other purposes.

The government does issue an IOU and claims that's better than borrowing more from foreign nations. But experts say, by 2037 the entire system will be bankrupted unless something is done to overhaul it.

We really need our government to learn to live within its means. Right now our national debt is about $12.5 trillion, which means each man, woman and child in this country owes about $42 thousand.

So what can be done? Proposals include delaying the age retirees can draw social security, including raising the age for full payment to 70 years old, reducing the amount a person receives from social security and even increasing the social security tax we pay.

Many Americans depend on Social Security as their main source of income in retirement. They've paid into the system and expect it to be there.

What can you do now? Call or email your U.S. Senator and Congressman. Tell them something needs to be done to make sure social security remains a reality for us today and for future generations.

http://www.wlox.com/Global/story.asp?S=12156097