A new AP-GfK poll finds that most Americans are willing to pay more taxes to keep Social Security solvent. Fifty-three percent said they would rather raise taxes than cut benefits for future generations. Fifty-three percent, however, would also be willing to raise the retirement age to keep Social Security financially secure. Politicians of both parties say that Congress is likely to address Social Security reform in the next year or two. Approximately 56 million Americans receive Social Security benefits. For a historical background on the development of Social Security, click here.
In its 2011 call to political responsibility – Forming Consciences for Faithful Citizenship – the U.S. Catholic bishops state: “Social Security should provide adequate, continuing, and reliable income in an equitable manner for low- and average-wage workers and their families when these workers retire or become disabled, and for the survivors when a wage-earner dies.” The bishops, however, have not offered any blueprint on how to keep the system solvent.