CNBC Poll: Which Change in Social Security Do You Support Most?
There is no shortage of plans or ideas — and some people say any plan must include big spending cuts, from defense to entitlements, as well as tax increases.
Social Security, long a sacred cow in budget cut talks, faces the ax in a number of the plans — even if its unique self-funding structure and special off-budget status mean it cannot technically contribute to the budget deficit, and its funding is solid for at least the next two decades.
Nevertheless, those plans, such as that in the Simpson-Bowles Commission, as well as proposals from a number of political leaders, include a variety of changes to Social Security, from cutting benefits to raising the retirement age.
Thus far, President Barack Obama has been largely silent on the issue of reform — while his former GOP challenger Mitt Romney endorsed an increase in the retirement age — suggesting that Social Security is not a priority.
Still, given the growing retirement concerns of middle class Americans, and the pressure to make fundamental changes to federal fiscal policy, some say now is the time to improve the system.
Where do you stand on how to reform Social Security?