Reforms on Social Security and Medicare

Reforms on Social Security and Medicare

On taking a closer look at the proposed reforms for Medicare and social security, I’m afraid I have to disagree with them. The proposed solutions are raising the retirement age, raising social security services, and privatizing social security (Mamie Hall, 2014). Increasing the social security taxes is a terrible idea because it will increase the taxes of each worker regardless of how much they earn. For an employer, it will cause the labor costs to get higher, hence failing to hire people but instead going overseas locally. It will hurt the low-income earners and the young. It will cause fewer job opportunities for both young and old. Raising the retirement age is a benefit cut regardless of the period. Increasing the retirement age from sixty-five to sixty-seven or seventy cuts the benefits by thirteen percent. Low-income earners will have very little or no gains in it. Most Americans who live long are the well-off ones; hence, increasing the retirement age is unjust and unnecessary. The program was created to help the elderly, including low-income earners. Privatizing social security services will limit the number of people who can benefit from them.

There are solutions that can be effective in maintaining social security services for future generations. One practical is decreasing the social security benefits. Reducing a certain percentage of each individual’s monthly benefit in the program will save some more for the future.  It is a safe and just way of dealing with the rising costs compared to raising the retirement year from sixty-five.  It will also not condemn the low-income earners to more poverty. The criteria followed for someone to qualify for social security services should be strict and followed to the latter so that the program benefits only those who need it. Most of the campaigns and ways of protecting Medicare and Social Security will not save it (white, 2003). It may lead to its downfall.

References

Mamie Hall, A. (2014). Social welfare in the United States [Video]. Retrieved 30 November 2021, from https://www.youtube.com/watch?v=t_ssxCKpECY.

White, J. (2003). False Alarm: Why the greatest threat to Social Security and Medicare is the campaign to save them. JHU Press.

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Looking closer at the proposed reforms of Social Security and Medicare (Raising the retirement age, privatizing Social Security, raising Social Security taxes),

Reforms on Social Security and Medicare

1)discuss your opinions on these proposals – do you agree or disagree with these proposals?
2)Is there a good solution to the issue of maintaining these programs for future generations due to rising costs?