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53 U. Mem. L. Rev. 183 (2022-2023)
Touching the Third Rail Doesn't Have to Hurt: A Holistic Approach to Social Security's Insolvency Crisis

handle is hein.journals/umem53 and id is 187 raw text is: Touching the Third Rail Doesn't Have to Hurt: A Holistic Approach to Social Security's Insolvency Crisis AUSTIN HORD* I. INTRODUCTION .............................................................................. 184 II. BACKGROUND ...................................................... ..... ........ .. 188 A. How Benefits Are Calculated............................................ 188 B. A Historical Survey of Social Security.............................. 190 C. An Overview of Commonly-Proposed Solutions to Insolvency....................................................................... 195 1. Changes to the Tax-Benefit Structure ........................ 195 2. Privatization ............................................................... 198 III. ANALYSIS .................................................................... 199 A. Problems With Our Current Social Security System........ 199 B. The Shortfalls of Commonly-Proposed Solutions............. 203 1. Issues with Changing the Tax-Benefit Structure........ 203 2. Issues with Privatization............................................. 206 C. Larger Issues That Affect Retirement Saving ................... 207 IV. PROPOSED SOLUTION.................................................................. 209 A. Borrowing: The Best Solution in the Short Term ............. 210 B. Organic Improvements to Social and Economic Wellbeing ........................................................................................ 213 V . C ONCLUSION .............................................................................. 2 17 * Staff Member, Volume 52, and Articles Editor, Volume 53, The University of Memphis Law Review. Juris Doctor Candidate, University of Memphis Cecil C. Humphreys School of Law, 2023. Thank you to Michelle Chiles, Emma Kent, Scott Cheadle, Paden Hemphill and my faculty advisor, Professor William Kratzke, for their thoughtful insight and suggestions throughout the writing and editing pro- cesses. Thank you to Professor Matthew Rutledge at Boston College, who took the time to dig into these issues with me. Thank you to my loving parents, Lisa and Carter, and my sister, Frances, for their constant encouragement. Finally, thank you to Audrey Davis for keeping me sane and supporting me no matter what. 183

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