I worry that young people think Social Security won't be there for them, and nothing could be further from the truth. We have a system where the costs are higher than the revenues.
These are edited excerpts from the conversation. The whole argument is whether we keep the benefits at 100 percent and raise more revenues, or should we cut benefits.
People suggest fixing the shortfall in funding for Social Security benefits by getting rid of the wage cap... but wouldn't be enough.
If nothing is done, benefits would have to be cut by 21 percent. The good side of that is that almost enough money is coming in to pay 80 percent of the benefits.
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