One Point and 150 Grand

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Michael O’Hare polled one of his undergraduate policy design classes at Berkeley to see what they thought about the future of Social Security. The results:

  • 16%: Social Security is in very serious financial trouble and probably won’t be there for my parents
  • 66%:  Social Security is in financial trouble and probably won’t be there for me
  • 16%: Social Security is basically OK and just needs some minor adjustments.

From this we can conclude a couple of things: (a) there are probably 18 students in Mike’s class, and (b) the conservative campaign to convince everyone that Social Security is doomed has been wildly successful, even among extremely bright kids who are actively interested in policy issues.

The success of this propaganda campaign is especially impressive because the truth of option 3 (Social Security only needs minor tweaks) is hardly arguable if you have even the barest understanding of Social Security’s finances. I struggle constantly trying to figure out a way to convince people of this in a simple way, so here’s another crack at it:

If we gradually raise the payroll tax from 6.2% to 7.2% and gradually raise the earnings cap from $100,000 to $250,0001 between 2030 and 2050, Social Security will be solvent forever.

That’s it. How much simpler can it be? Certainly this is as easy to understand as raising the retirement age to 67 or changing the COLA formula or whatnot. I don’t have any objection to considering some of that other stuff if and when we ever get around to cutting a deal on Social Security, but we don’t have to if we don’t want to. If you want a simple slogan for the masses, “1 point and 150 grand” does the job just fine. Add one point to Social Security taxes and increase the earnings cap by $150,000 over the course of 20 years. Done.

1Indexed for inflation, of course.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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