Brett Arends spots some Social Security fixes left out of Bernie Sanders and Elizabeth Warren's rescue plan -- like, say, investing in the stock market. OPINION
Senators Bernie Sanders and Elizabeth Warren have introduced a plan to rescue Social Security from insolvency by increasing its spending by $13 trillion and its taxes by $34 trillion.
Social Security is currently on a path to reach financial crisis by 2035, when the trust fund is expected to run out of money. Without Congressional action, benefits would have to be cut across the board by about 20%. Taxes on benefits were introduced by the Greenspan commission in the 1980s and have become a stealth tax, hitting about half of Social Security beneficiaries. The thresholds were not indexed for inflation. Social Security benefits are among the few things that are actually double taxed, because workers pay into the system with after-tax dollars, and then get taxed on benefits when they retire.
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