Social Security Basic Income: A Safety Net for All Americans

by Steven O. Richardson

I wrote this book to stimulate conversation about simultaneous solutions to two serious problems facing the U.S. For decades, we have ignored the looming bankruptcy of Social Security and Medicare trust funds. Meanwhile, as income inequality grew, our President and Congress doubled down on policies that produced the imbalance - namely, negative real interest rates and income tax cuts. This is dangerous because it worsens two conflicts that transcend partisan competition - those between the ruling and working classes and between generations. My proposed solution is twofold. First, a radical tax reform proposal that I call Free to Work (FTW) would grant tax relief to workers by eliminating the payroll tax. We would pay for existing entitlement obligations by eliminating tax expenditures and making the income tax more progressive. The safety net - Social Security Basic Income, or SSBI - is a negative income tax type basic income guarantee that could be funded by additional progressive income taxes. It would provide a universal, unconditional benefit of $1250/month for adult citizens. With FTW, taxpayers gain control over our own retirement and health care. With SSBI, those in need obtain some assistance without being subjected to a judgmental bureaucratic maze.

167 pages, Kindle Edition

Published March 8, 2020