Obama backs lifting income cap for Social Security and I agree:
“For the vast majority of Americans, every dime you earn, you’re paying some in Social Security,” Obama told college students in Virginia. “But for (billionaire investor) Warren Buffett, he stops paying at a little bit over $100,000 and then the next $50 billion he’s not paying a dime in Social Security taxes.”
[...] “If we just made a little bit of an adjustment in terms of the cap on Social Security, that would do a significant amount to stabilize the system,” Obama said.
Social Security will pay out more benefits than it collects in taxes this year. It will return to surplus next year and in 2015 start tapping into interest income and trust fund reserves. If Congress does nothing, the trust fund will be exhausted by 2037 and taxes will cover only about 78 percent of benefits.
Raising the income cap “is a progressive solution to the problem,” said Bill Samuel, chief lobbyist at the AFL-CIO labor group. “It is not a severe problem; it can easily be dealt with.”
Besides messing up Social Security completely (lookin’ at you Paul Ryan and Teaparty Republicans), can anyone else come up with a better solution for a system where the current workforce pays for the generation before it, a workforce with high unemployment and under-employement, with no middle-class jobs being created by the wealthy, AND with our nation’s largest generation, Baby Boomers, turning 65 years old daily, at the rate of 10,000 every day for the next 19 years?!
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