To avoid stark choices in the years ahead hikes in taxes and reductions in other government programs, we must start to think of Social Security in new ways.

Specifically, we should change Social Security from a universal program that every worker is entitled to when they reach a certain age, to a targeted one aimed at people who would otherwise be living in poverty during old age. In other words, the program should be reserved for working-class and lower-income people who would not be able to live securely in their senior years without it. Social Security should not provide extra income to those who are fortunate enough to be relatively well-off and are able to fund their own retirement.