The detailed proposal put forward the other day by Utah Congressman Jason Chaffetz is not the plan to save Social Security. But it is a plan. One not only based on clear priorities but, more importantly, one that actually adds up.
On that last point, you don't have to take our word, or the representative's. The chief actuary of the Social Security Administration has reviewed the numbers and pronounced them balanced. The Chaffetz plan to slow the growth of Social Security payments over many years, with most of the give-backs falling on those who can most afford it, would indeed slow the decline of the Social Security Trust Fund. Trends would go positive by 2051 and the fund would be on a sound basis for the next 75 years at least.
The primary flaw in the Chaffetz plan, as we see it, is that it suggests no increases in revenue only decreases in future benefits. Actually, it makes no sense for the person who makes $2 million, or $200 million, a year, to pay the same amount in FICA taxes as the person who makes $110,100 the current cap on income subject to the tax.