•Notes: Please be sure to cite all work•Prompt: (Please co…

•Notes: Please be sure to cite all work •Prompt: (Please copy and paste the prompt into your Word document!!!). Is the future of Social Security safe? Defend your response. List and explain in great detail three examples for improving Social Security. Which example would like for the Presidential Administration to review and make a top priority? How would you create buy-in for your idea? 750 WORDS OR MORE

The future of Social Security is a topic of great concern and debate, as the program faces numerous challenges and uncertainties. To determine whether the future of Social Security is safe, it is important to assess the current state of the program, analyze potential threats, and evaluate possible solutions. In this paper, we will defend the position that while the future of Social Security is indeed facing challenges, there are viable ways to improve the program and ensure its sustainability.

Social Security, established in 1935 as part of President Franklin D. Roosevelt’s New Deal, provides retirement, disability, and survivor benefits to eligible individuals. As the largest federal program, it plays a vital role in the lives of millions of Americans. However, Social Security is not immune to challenges, such as the aging population and the strain on the program’s trust funds.

One example for improving Social Security is to increase the retirement age. Currently, the full retirement age is gradually increasing from 65 to 67. However, with increasing life expectancies and improvements in healthcare, there is a case for further increasing the retirement age. This would not only help ensure the long-term sustainability of the program but also align with the changing dynamics of the workforce. By gradually raising the retirement age, individuals would have more time to contribute to the program and accumulate sufficient savings for their retirement.

Another example for improving Social Security is to adjust the payroll tax cap. Currently, the Social Security payroll tax is capped at the first $142,800 of an individual’s earnings. This means that high-income earners do not pay Social Security taxes on their income above this threshold. By removing or adjusting the cap, Social Security could capture additional revenue from those with higher incomes, thereby strengthening the program’s financial outlook. Moreover, this change would address income inequality concerns, as higher-income individuals would contribute a more equitable share to the program.

A third example for improving Social Security is to increase the Social Security tax rate. Currently, the combined employee and employer Social Security tax rate is 12.4%, with half paid by the employer and half by the employee. However, this rate has remained unchanged for several decades. By modestly increasing the tax rate, the program could generate additional revenue to address the projected shortfall. This increase could be implemented gradually, ensuring that the impact on individuals and businesses is manageable.

Among these three examples, the one that should be made a top priority is adjusting the payroll tax cap. This measure has the potential to address both the funding challenges and income inequality concerns associated with Social Security. By removing or raising the cap, the program would capture a greater share of the income of high earners, increasing the revenue stream and helping to ensure the system’s long-term stability. This proposal also aligns with broader societal debates around wealth distribution and fairness.

Creating buy-in for this idea would require an effective communication strategy and targeted outreach to various stakeholders. It is crucial to educate the public and policymakers about the rationale behind adjusting the payroll tax cap and its potential benefits. This could be achieved through media campaigns, public forums, and engaging with advocacy groups. Additionally, it would be important to address potential opposition and concerns, such as the impact on small businesses or the potential disincentive for high earners. By providing evidence-based arguments and addressing these concerns, it is possible to generate support and consensus around this proposal.

In conclusion, the future of Social Security is facing challenges, but it can be safeguarded through thoughtful reforms. Increasing the retirement age, adjusting the payroll tax cap, and increasing the Social Security tax rate are three examples of potential improvements. Of these, adjusting the payroll tax cap should be made a top priority, given its potential to address funding challenges and income inequality. To create buy-in for this idea, effective communication strategies and stakeholder engagement are vital. By implementing these reforms, we can ensure the long-term sustainability and viability of Social Security for future generations.