Social Security must be increased to provide dignity to seniors.
Currently, Social Security is the sole source of income for about half of South Carolina retirees. About 37% of each Social Security check goes toward out-of pocket health care costs. Twenty percent of our citizens can not afford to fill their prescriptions. Currently, no Social Security payroll taxes are paid on incomes above $118,000--so the upper middle class and the wealthy pay a lower share of their income on this tax than the rest of us. Eliminating this cap on payroll taxes will be more fair, it will stabilize the Social Security Trust fund, and Social Security payments would increase.
I oppose any chained consumer price index, and would favor the so-called elderly index. Increased benefits for a surviving spouse and for children of the disabled can be implemented through a Financial Transaction Tax, and slightly higher taxes on the wealthiest 1%.