My idea for some reforms would include:
-Abolish the federal income tax and replace it with a 10% VAT or some other form of sales tax.
-Increase Social Security taxes by 1.3% (7.5%x 2=15%). Out of this you would be able to take 8% and add it in a individual retirement account where you could invest it in a private retirement portfolio which tends to yield higher results than our current Social Security retirement system.
-Remove early public retirement benefits and raise full public retirement age to 70 (people could retire earlier if they wanted with their new private accounts). People would still receive public benefits after 70 but based on a "progressive" bracket system of need. A person with an average retirement income below $30,000 would receive the full $1,500. Somebody above $30,000 but below $60,000 would receive $1,000 in public benefits. Finally somebody above a $60,000 retirement income but below $90,000 would receive $500 in public benefits. This reform could apply for anybody below 40 years of age. I would say the transition to this new system would probably be the hardest part.
I hope that with these reforms, Social Security as a public retirement program can return to its mere supplemental nature, as well give more freedom to each individual. Do you believe this could work, and if not can you point out any flaw you can notice or something you might want to add?