When Obama set up the Fiscal Commission, he made a big mistake. In an attempt at bipartisanship, he gave Republicans equal say, guaranteeing that the commission can make no recommendations that the Republicans don’t support, because they will goose-step together. To make matters worse, the Democrats include a notorious DINO. While I have reserved judgment until I see the actual report, I have come to think that calling it the cat food commission is not far off. Fortunately, Obama is taking a saner approach to the problem.
President Barack Obama said on Thursday he favored raising more revenue for Social Security to prolong the solvency of the U.S. retirement fund, rather than just cutting benefits or making people work longer.
Obama told a televised youth town hall event that he thought the best approach was to increase the amount of income subject to Social Security taxes above the current cap set around $106,000, but he did not rule anything out.
"I have said that all options are on the table. I think we’ve got to look at how we preserve it for the next generation," he said.
"I do think that the best way to do it would be to look at the fact that right now, you only pay Social Security taxes to about $106,000, and after that you don’t pay any Social Security tax," he said. "That could be modified or changed in a way that would help extend the solvency of Social Security."
His remarks lay down a marker for the president’s fiscal commission as it weighs options for Social Security that also include extending the U.S. retirement age, currently set at 67 for those born after 1960, or limiting some benefits… [emphasis added]
Inserted from <Reuters>
My solution is to completely eliminate the salary cap. The Republicans have three proposals:
- Privatize Social Security: What will seniors do the next time Republicans trash the economy and their retirement accounts vaporize into bankster bonuses?
- Cut Benefits: Benefits are already so low that many seniors are living in poverty now.
- Increase the retirement age: This one is class warfare. Working longer is more difficult for laborers. Furthermore life expectancy is directly proportional to income. Raising the retirement age diverts most of the benefits to the rich.
The only solution that makes sense if for everyone to pay their fair share.
2 Responses to “Obama Proposes Sane Social Security Solution”
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If millionaires and billionaires, are getting SS then they should remove the f’ing cap. Period. As it is, I have to wait until I’m 67 to get my benefits. Removing the cap entirely will make SS solvent until the earth blows up, then the Repubs would never have any reason to fuck with it. And put it in a Money Market account (now covered by the FDIC), we should be earning interest on our money. Even if it’s one percent, that’s still a shitload of money with $2.5T in there. Also, make a law that Congress can’t EVER touch that money.
Exactly!