By William E. Gibson
Sun Sentinel
WASHINGTON – Despite all the hyperbole about the future of Social Security, putting the 75-year-old program on firm financial footing can be relatively painless if stretched over time.
Retirement finance experts say a gradual shift in benefits – less to well-off retirees, but more to those of modest means – plus a small tax hike for upper-income Americans would keep the program afloat for generations. While those may not be popular choices, the challenge is far less daunting than cutting government spending or containing the costs of Medicare and Medicaid.
But in hyper-partisan Washington, long-term solutions have taken a back seat to political conflicts over taxes and spending. Reformers on all sides fear that a protracted tug of war between benefit cuts and tax hikes will stall remedies for Social Security while the clock keeps ticking toward its potential shortfall.