Reducing what rich people are paid by Social Security is one way, as Mickey Kaus notes:

Third Way has proposed radical, Australia-style means-testing for Social Security, in which those at the top (individuals making $200,000 or more) get no benefits. You wonder if CAP will acknowledge having "partnered" with them now. ...

P.S.: Bloomberg's story isn't clear on one fairly crucial bit of datehow much money Third Way thinks this fairly dramatic form of means-testing will save. My guess is a lot. We'll need to save a lot, not to rescue Social Security (which isn't in that bad shape) but to pay for Obama's universal health-care plan. What's a better use for our money: sending retirement checks to rich people or providing modern health care to everyone? ...

P.P.S.: Third Way's income cutoff may be a bit high, actually, if you really want to save trillions. The Australian means-test, as I recall, cold-turkeyed the richest one third of retirees. Since the elderly typically are not high earners, you'd think the top third would start way below $200,000.

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