I see several ways to do this:
1. Rework the Social Security program. I am 55 years old, and I depend in large part on SS to help me retire with a semi-comfortable income. I'm lucky - I will have a military reserve pension, a company pension and (maybe) a 401K to help. In spite of that SS will be more than a third of my income, taking me from just above the poverty line to decent. In spite of that, I would rather see relatively minor adjustments to SS now, than have it disappear or be reduced dramatically. While it will hurt me, it will wipe out plenty of other folks who are not as fortunate as I am.
Funny, but if you're already depending upon SS to be the major portion of your retirement, you fail right there. I'm not much younger than you, and I'm not expecting shit from it at all. Oh, BTW--I've paid a lot more into the system than you, and when you consider my employer's match, the only words I can think of are, "Holy shit!"
2. Cut military spending. This can be done without major impact on the soldiers in the field. For example, retired military health care costs could be raised somewhat with little pain. there are other areas also. One such area is the F-35B (Marine VTOL variant), that we don't need.
You realize that retirement pay and benefits account for nearly 1/3 of DoD spending, do you not? How's that Tricare premium increase working out for you, BTW?
3. Start going over the government cabinets with a fine-tooth comb. I'm guessing, based on more than 44 years of either living with civil servants, working for them, or working with them, that there are all kinds of cuts that can be made without shutting down services or even restricting substantially.
How about gutting some of them? Energy is a $40/billion a year department but doesn't do jack shit. Same with HHS, Education, and the EPA, for starters. Make those ****ers work in the private sector and tell us how hard they have it then.
4. Tax reform. Something has to happen to equalize things. However, I have problems with having a large minority of people who pay no taxes at all. I would recommend that anyone making up to 150% of the poverty level should have not any federal income tax burden. Above that, start off with a 1% tax bracket for up to 250% of the poverty level, then bring it up to 15%, and so forth up to the maximum bracket (whatever that is). The 1% tax is largely symbolic, but it might help to make those who pay it more interested in how their taxes are being spent.
Large minority? Try a majority (51 percent) who have no or a negative tax liability due to the EIC. Those are also the people who constantly have their hands out going, gimme gimme gimme. Here's a better idea--two tax brackets: 15 and 28 percent. Standard deduction and that's it. No EIC, no loopholes, no mortgage interest deductions, no deductions for dues, etc. Then you'll have people who actually give a shit how the money is spent. Now? Not so much.
5. Cut down on federal subsidies to corporations, agribusinesses, and foreign interests. (aid to Pakistan, for example).
And there go your vaunted "green" sources of energy, which sound nice, but are next to ****ing worthless. Oh, and companies don't pay taxes, they collect them. Corporate taxes are just the government's way of passing on to you the consumer taxes they were too chickenshit to hit you with directly.
6. Streamline the tax code to make it harder for attorneys to drive through the loopholes. That includes reducing deductible expenses, both for individuals and businesses.
Including your 401(k), IRA, etc? Let's see how you like that one.
7. Treat capital gains as ordinary income. that will keep lower income people form getting dinged bad, while those who are collecting millions in capital gains a year will pay more.
Newsflash--that includes YOU as a retired individual. Seems to me that most Americans own stock in one fashion or another. So how's soaking Mom and Pop for 35-40 percent on their retirement income gonna work out? Same with IRA dividends, etc.
8. Either means-test for SS payments, or raise the ceiling on paying SS taxes. I would lean toward the second, on the principle that if you pay into a program, you should get SOMETHING back.
Which means you get two things based on your above statement: jack and shit. Have fun, thanks for playing.
I would like to hear inputs on these ideas. Reasoned debate is encouraged. I'll lift a virtual leg on those who just rant...
C'mon over, we're right here. Water's fine.