Revision of the Social Security Program

Discuss the issues of the Social Security program and provide several supporting points for its revision.

In 1983, a law was passed that taxed up to half of a person’s Social Security benefit if their income was over a certain amount and gradually increased the full retirement age to 67. More women entering the workforce increased the share of couples with two incomes, despite these households receiving lower benefit rates than those with a single income or no income at all. These factors, coupled with reduced overall benefit payouts, have made Social Security benefits less substantial. Provide several supporting points for the revision of the Social Security program.