As the United States' fiscal deficit increases, Social Security is assailed again. Lawmakers, fiscal conservatives, economists, etc. are taking about cutting Social Security and extending the retirement age because, we're told, there is not enough of a base to support the people that are going to retire.
There is one thing that no one talks about, and that's including all the working people in the U.S. in the Social Security system. U.S. Government workers, most state workers in the 50 states and municipal workers across the country do not pay into Social Security. Instead, they have their own retirement benefits. What would happen with Social Security if all these private retirement programs were obligated to participate in the Social Security system? Would there be enough payees to support the system?
I remember when Ronald Reagan was president. There was a problem with not enough money coming into Medicare to support the system. He found a solution, everyone was made to pay for Medicare, whether you used it or not.
The question comes up, what would happen to Social Security if everyone paid into it?
Walt S. Sisikin