Fix Social Security for future generations

The Social Security System celebrated its 81st Anniversary in 2016. But today its required pension payments have started to exceed income from payroll taxes. Unless drastic changes are made, the trust fund will run out before its 100th Anniversary in 2035. The result of this inaction will be a 25 percent reduction in payments to every retiree, their dependents and survivors, or to disabled people. Revisions must be made to the structure of the system (to prevent such a disaster).

A similar situation threatened us in 1983 when Ronald Reagan was President who worked out compromises with Speaker Tip O'Neil. They increased payroll taxes and limited future benefits. Consequently, the system survived for another 33 years.

Even in the midst of the present election season the voters have heard far too little from their Presidential and Congressional candidates about how to keep our Social Security System alive and healthy for another 100 years. Every year of delay just makes the job so much harder. We must insist that our new leaders in Washington get to work with, not against, each other as Reagan and O'Neil did earlier. We need to solve this problem in the New Year 2017.

We suggest combining proposals, such as these five options. Each has pros and cons, but good faith compromise can fashion a positive solution to grow the Social Security Trust Fund.

1. Increase the Payroll Tax Cap. The tax applies only to earnings up to $118,500. Raising the earnings cap for social security taxes to $275,000 could fill 29 percent of the funding shortfall.

2. Reduce benefits for higher earners. There are several options to reduce benefits by putting them on sliding scales to phase them in and reduce the gap anywhere from 3 to 33 percent.

3. Increase the Payroll Tax Rate. Raising the rate to 7.2 percent, gradually or all at once, is estimated to fill the gap by 53 percent.

4. Apply Payroll Tax to all Salary Reduction Plans. Taxing moneys in Flexible Spending Accounts, as is done with 401(k) plans, is thought would close the funding gap by 10 percent.

5. Cover new state and local government employees with Social Security. This was done gradually with federal workers in the 1983 legislation. (Current workers were not affected.) This could fill 6 percent of the funding gap.

Let's urge our candidates and officials to address the social security funding problem to help the 99 percent.

' James Ephgrave paid into social security for 65 years as an army officer, engineer, and tax preparer; Patricia Ephgrave paid into teacher pensions. Both want future generations to have viable programs for their old age. They live in Iowa City.