Social Security is the largest expense in the federal budget, costing $1.5 trillion in the FY 2024 budget. Americans contribute 6.2% of their income up to their first $168,800 in earnings, which is matched by their employer (matched by themselves if self-employed) to pay for Social Security so they can receive a pension when they retire. No Social Security tax is paid on income earned over $168,800. So, someone who earns $5 million a year and someone who earns $168,800 pay the same amount of Social Security tax. Alternatively, the 6.2% tax rate could be raised for everyone and/or the retirement age could be raised. The current retirement age is 67 years old. What ideas do you have for addressing the Social Security retirement pension challenge? Would you raise the income cap above $168,800? If so, how much higher? Would your raise the 6.2% tax on everyone? Would you raise the retirement age? If so, what age would you raise it to? Do you have other ideas about how to address the Social Security issue? Explain your position(s)