For this reason, there is a fear that the Social Security will go belly up in future years. Another aspect to Social Security that is being debated in Washington, D.C. is the Social Security earnings limit. Many people don t realize that under current law, seniors between the ages of 65 and 69 can be penalized for earning too much money. However, once the person turns 70 there are no such restrictions. The original intent of the earned income limit was to keep seniors out of the work force during the Great Depression because unemployment was so high.
Unemployment is currently at an all time low so it is time to repeal such a ridiculous restriction.
Both Democrats and Republicans agree that the Social Security earnings limit needs to be revised or eliminated. President Clinton has promised to sign the measure into law provided that it remains free of superfluous provisions.