Several solutions to the looming bankruptcy of the Social Security trust fund have been proposed. Critically discuss each the following proposed reforms of the U. S. social security system in terms of long-term program viability, and in terms of who gains and who loses.

a. Eliminate the maximum payroll tax cutoff (currently at $128,400) and extend this tax to all earnings from work. 5

b. Raise the minimum retirement age from 62 to 64 while keeping the benefits from early and full retirement ages actuarially neutral. 5

c. Phase out social security benefits to those earning more than $80,000 a year from other sources. 5

d. Replace Social Security with mandated private savings accounts. 5