Basically the ideas to keep Social Security solvent are to increase the amount that workers pay into the SS fund, reduce the amount collected by retirees, or a combination of both. Specific ideas include raising the eligibility age and reducing the monthly amounts paid to recipients.
My solution is less painful than those. Namely encourage immigration. Even Trump admits that immigrants are working at jobs that otherwise go unfilled: that includes agriculture, meat packing, wildfire fighting, restaurants, hotel and senior care jobs among other sectors.
Importantly, lawful permanent resident immigrants are eligible for some federal benefits, but often face a waiting period, usually five years, after obtaining their status. Undocumented immigrants are generally barred from most federal public benefits, with limited exceptions like emergency medical care. So they are not using the social safety net, but they are paying into it on the job and as consumers through sales tax and other taxes.
Here's how immigrants help make Social Security solvent:
Increased tax revenue: Both legal and unauthorized immigrants contribute to Social Security through payroll taxes, even if they may not be eligible to receive benefits themselves. This increases the amount of money flowing into the trust fund, which is crucial as the worker-to-beneficiary ratio declines in the US.
Younger workforce: Immigrants tend to be younger and contribute to the Social Security system for many years before they retire, if they retire in the US at all. This helps to improve the age dependency ratio, meaning more people are working and contributing to the system compared to those receiving benefits.
Addressing workforce needs: Immigration can help fill labor shortages in key sectors, such as direct care work, which is critical for an aging population.
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