The Plano Plan: Reformulating and Revitalizing Social Security

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THE PLANO PLAN - REFORMULATING AND REVITALIZING SOCIAL SECURITY recognizes that the United States faces the daunting financial task of reducing a $ 9 trillion public debt while at the same time providing Social Security retirement benefits to the 77 million Baby Boomers (1/4 of the total population) who presently are receiving or soon will be entitled to received Social Security benefits from a financially strained system. But, this depressing situation is not due primarily to a lack of money, but rather to a mass of misperceptions and incorrect assumption made 70 years ago. The first section of the book closely examines these incorrect beliefs that now interfere with a sensible Social Security reformulation. With the goal that all Americans share equally the burdens and benefits of Social Security, the book proposes five general guidelines that most rational people truly interested in seeing change would readily accept: The reformulation must guarantee the system's continued sustainability, provide equity and comprehensive coverage, and be fully predictable and helpful to the economy. Using these five guidelines, Social Security's reformulation calls for the elimination of the cap on wages taxed, provides for differing levels of automatic annual retirement increases, raises the retirement ages, introduces means testing, and allows for the introduction of optional privately controlled savings accounts within the existing system. If the political parties in Congress acts prudently and interest groups abandon their "me first" approach, the reformulation necessary will not only avert the impending Social Security "crisis, " it will provide a more equitable, comprehensive, and predictablesystem that helps the economy and aids the nation's effort to pay off its $ 9 trillion Debt.