Problem: We're the world's worst savers, and the world's biggest debtors.

Some of it is in the form of a mortgage, but much of it is credit card debt. The sad fact is that many Americans are entering their retirement years with a negative net worth.

Solution: Rein in the credit card industry and encourage savings at a younger age.

Too many Americans have fallen under the spell of the credit card sirens. The industry is need of some serious reform, and that's where Congress should lead the way. And we've got to teach our youth how to save - they already know how to spend. Let's give young workers a huge tax break on IRA and retirement investments - maybe we should even make them start a retirement account.

Problem: The Social Security Trust Fund will run out of money when all of the Baby Boomers retire.

Some of them have already retired, and the strain on the system is rapidly increasing.

Solution: This is a tough one but we have to fix Social Security.

Too many Americans have to rely on Social Security as their sole source of retirement income. Unless we fix the system there will be an incalculable increase in poverty.  There are no easy answers to correct Social Security's deficiencies, but a couple of economists from the Brookings Institute have a few good ideas. Here's the gist of what they have to say:

- Raise the earnings limit for payroll taxes.
- Reduce benefits for the highest-paid workers - somewhat.
- Enroll government workers in the program.
- Add a payroll tax on currently untaxed earnings above $90,000
- Reduce benefits and increase payroll taxes slightly beginning in 2023.

These fixes are not without a measure of pain, but they're necessary. They may even allow us to improve benefits for the neediest Americans, too many of whom are living in abject poverty.

This site was designed entirely by James W Moore, and I am the sole author of its contents. Since it runs on my own web server, I can legitimately claim that it was paid for by James W. Moore for Congress, even though I didn't charge myself.