Social Security Can Be Fixed (But You Might Not Like the Fix)

The men and women seeking seats in the U.S. Congress are not talking about it, but former Congressman Tim Penny spent about an hour on KROC-AM Tuesday morning discussing what can be done to restore the solvency of the  Social Security and Medicare programs.

Penny, who is the President of the Southern Minnesota Initiative Foundation, appeared with Andy Brownell on "Rochester Today" to update the listeners on the activities of the foundation along with the big issues facing the nation.

One of the most important issues is the ailing finances of Social Security and Medicare, but it's rarely mentioned by politicians.  Penny blamed on the attack ads that are almost immediately targeted at any elected official or political candidate who dares to discuss actual solutions to the problem.

Penny has long advocated a mix of new revenue and benefit reforms, which could include policies that limit cost-of-living increases and phase in later retirement dates for current workers.  He notes that solving the problem with revenue increases alone would require the payroll taxes used to fund the system to rise 3 to 4 percentage points, and the tax increases would have to be even larger if Congress and the President continue to "kick the can down the road."

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