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A Fix for Social Security?

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  • Description

    Syracuse University professor Eric Kingson gives his quick-fix for improving social security.

  • Duration 2:49
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All without major changes the social -- trust fund is heading towards insolvency.

But my next guest says there is one simple measure that would save Social Security.

Joining me now but his -- is Eric -- -- he's a professor at Syracuse university and co director.

Of Social Security works now -- a lot of questions for you Eric but tell us quickly what is your quick fix.

Well first let's back up just the second and understand why we built Social Security.

We built two generations of Americans have contributed -- -- politicians have built it to provide broad protection against loss of income and it's an extraordinary source of protection.

You think about the recent financial crises we've had the one institution we have not had to worry -- -- Relative to housing savings relative to pension private pensions relative to losing -- job.

Losing 41 K value of the one system in the retirement income system that works his Social Security.

Eric you didn't give me your sweats your sweet you know I only have about -- expert I've seconds last.

Not broken at some point in time we should be asking.

All Americans to pay the same rate on their Social Security.

In their terms of their contribution.

In payroll tax contributions solutions tell -- the same rate as all others.

So raising and that would -- tax is that your idea that would be essentially one thing we can do -- many things we continue look.

The system is not broken this is not a problem this is the solution of the crisis I have to tell -- I've contributed so scary to write for my first -- job at this -- and had its -- in Great -- New York -- -- sold sneakers right so -- I'd get the concept -- -- -- the same time.

Isn't -- a tough time to do that when unemployment remains so high consumers are still so reluctant to spend do you think this is really.

The right time to do what you're suggesting.

That.

I think we can -- would gradually over time in the crisis we face in retirement is not Social Security it's a solution not a problem the crisis we face is that.

-- tens of millions of baby boomers and younger people are moving into retirement people in their forties and fifties who lost a home equity.

Who's lost pension protections.

There's nothing there to protect them except Social Security in many cases.

It's critical that we -- that we build we strengthen this institution it's like a highway system say it's solid it works.

-- I understand where you're coming from but I know that -- Romney and his team that's been talking about raising the retirement age.

And that living and basically also limiting some of the benefits for some of the high -- so that was another alternative Eric thank you so much.

Well that would be pulling it apart brick by brick have -- -- that there.

Thank you.

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