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Why we'd all be worse off with a bigger Social Security program. dailysign.al/2MRRVPA @DailySignal
The logic is straightforward: when taxes go up people work less; when Social Security benefits go up, people save less. If people work less and save less, the economy grows more slowly.
Social Security ought to be realigned with its original mission of keeping seniors out of poverty. If that is achieved, we estimate the Social Security tax rate could decline to about 10% instead of rising to nearly 15%.
That would leave the average American with about $2,400 more in their pocket each year. That’s $2,400 they can use however they want, based on what they know is best for their family.
