The program needs more money, but not because it increases the deficit
The Concord Coalition, one of a number of federal budget watchdog groups, has been repeating the message that our deficits are too high, and therefore we have to do something about Social Security and Medicare. To buttress their arguments they send along op-eds written by like-minded experts.
The CBO headlines are indeed alarming. The agency projects that annual federal deficits will increase steadily between now and 2053 , at which time debt held by the public will reach 181% of GDP — an all-time high. Don’t get me wrong; I want Social Security to continue to pay scheduled benefits. They are the life blood of retirement income for all but the well-paid. But paying scheduled benefits requires additional revenues. If the full burden were on the current payroll tax, the rate would have to go up by about 2 percentage points for both the employer and the employee. But a host of other payroll tax options also exist, and, in my view, a strong case can be made for an infusion of general revenues.
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