Social Security is financial sound, operating with a surplus of funds currently. However in 2041, there will be more people retiring and the surpluses we once had will not cover all retirees, with a projection of only 73% of all people receiving Social Security benefits.
Actions for Social Security reform need to happen now. There has been no formalities from the government to solve the issue because it is not a priority right now. The thought process, I believe, is that since we are running surpluses of income in the current state, focusing on problem thirty years from now does not make much sense. But, if stakeholders do not concentrate on the issues this could result in austerity for all Americans. We could be heading into potential problems that will impact the entire United States.
President Bush in 2001 did offer a plan to revise Social Security; his plan allowed workers to put some of their Social Security taxes into personal accounts. Recent rhetoric favored three ideas: to raise taxes on other income, cut spending, or borrow the money. My opinions renders granting more leeway to the citizens, like former President Bush presented to Congress, to prosper financial growth regulated by the citizens. Authorizations from the government desists common democratic principles set forth by the Constitution.