Question

social security is the single largest government expenditure program; however, the system is projected to have insufficient funds to pay promised retiree benefits in less than 30 years. what is the main solution that liberals suggest to cope with this problem?

Answer 1

Liberals propose increasing payroll taxes on the wealthy to address the projected Social Security funding shortfall without reducing retiree benefits or raising the retirement age.

Step-by-step explanation:

The main solution that liberals suggest to cope with the Social Security funding crisis is to increase revenue for the program, predominantly through higher payroll taxes on the wealthy. They argue that this approach can shore up the trust fund and extend the solvency of the program without reducing benefits to retirees or raising the retirement age, which are other potential solutions. Complex demographic changes, such as an aging population, have led to fewer workers paying into the system relative to the number of beneficiaries, necessitating a reevaluation of funding strategies to maintain the program's long-term viability.