How to Save Social Security for the Next 75 Years.

[Eric J in MN]

The Daily Howler
http://www.dailyhowler.com/dh020405.shtml

=====================================================================

Quotes the NY Times:
http://www.nytimes.com/2005/02/04/politics/04options.html?oref=login&pagewanted=all

Some Republicans have even gone so far as to suggest the one approach Mr. Bush did not mention in his speech, raising the ceiling on income subject to payroll taxes, which is now about $90,000 a year. The idea appeals to some politicians because only about 6 percent of Americans earn more than $90,000 a year. Imposing Social Security taxes on incomes of up to $200,000 would come close to eliminating the entire <$3.7 trillion> deficit.

====================================================================

Good grief! What a bombshell! If Andrews is right, raising the ceiling to 200K would virtually solve the whole problem! And make no mistake: Few Americans have ever heard such a thing. Almost surely, Andrews’ editors placed this news where Times readers could barely miss it!

[The Doctor.]

1. WHAT!!!????

And give up on Loofa and Ear-wax treatments?!!

NO WAY!

I'd NEVER give to the republican party again!

[Robbien]

2. Best way to save Social Security is not to mess with it

Social Security does not need saving, except from those who want to privatize it. With this idea, Republicans are trying to draw everyone into buying the idea social security needs "saving" I believe.

[Eric J in MN]

3. We could also do nothing from now until 2052.

Both are valid options.

My point is that privatizing isn't the answer.

Cutting benefits isn't the answer.

[KaliTracy]

4. Just found out about this cap and asked about it. Some Good info

in this thread. I still think -- if anything is to be done -- they need to start by tweaking what they have -- and raising the cap seems a good place to start to me. Still trying to process a lot of this information though....

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=104&topic_id=3051335&mesg_id=3051335

[MercutioATC]

5. I'd lose money, but I agree.

Every year I hit the FICA cap in September. It's nice getting the extra money, but I agree that eliminating the cap would be the most fair thing to do.