A number of myths about Social Security are discussed.

1. Is Social Security "broke"?
2. Will the program last into the future?
3. Is Social Security a "Ponzi scheme"?
4. Are the Social Security trust funds real or fictitious?

One way of extending the solvency into the future is to reduce the expected future outlays from the program-benefit reductions. What four options are listed that will reduce the program's future benefit payments? 

How would each option reduce expenditures?

Another way of extending the solvency of the program into the future is to increase the revenues. What four options are listed that will increase revenues for the program? 

How would each option increase revenues?Of course the decreasing expenditures and raising revenues options can be used together. 

Which option or combination of options do you think is best to improve the financial prospects of the program? Why do you think your plan is best?

Answer rating: 100% (QA)

1 No Social Security is not broke The program is funded through payroll taxes and has a trust fund that currently holds over 29 trillion in assets While the program faces longterm financial challenges ... View the full answer