Letter: Means test COLAs for Social Security
Various reports have the Social Security system running out of money in the mid 2030s. It seems to me that an easy Band-Aid (not a fix), that would move the date of insolvency out, would be to means test the annual inflation driven COLA increases. For example, if one's AGI is over say $50,000 the COLA would be limited to say 90% of the actual inflation rate; if the AGI is over $100,000 the COLA would be limited to say 75%, etc. Obviously these numbers would be hotly debated, but at the end of the day, I believe even Democrats would sign onto this scheme since they could sell it as an effective tax increase on the "rich."
Dave Van Singel
Long Grove
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