A few comments on the letter by Paul Compton on a Social Security fix. First of all, it is important to note that the employee portion is 6.2% of the salary. But also, the employer matches with 6.2%. So, for SSI this is a large amount of money; however, this will raise employer costs a large amount as well. Likely, having more companies leave the U.S.
Let's remember, people are living longer, the payout to retirees is increased for inflation annually, but the payments into SSI have not increased for many years to account for this. I believe a small increase to all workers and employers should be increased for both SSI and Medicare by at least one quarter to one half percentage point now, and reviewed annually against the inflation factors. This would only increase costs per employee and employer by less thant 1 percentage point.
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