Obama's Fix for Social Security in his own words.....

[FrenchieCat]

Here's a quote of the last I heard straight out of Obama's mouth in reference to what he would like to do to fix this problem:

"Right now, the Social Security payroll tax is capped. That means most middle-class families pay this tax on every dime they make, while millionaires and billionaires are only paying it on a very small percentage of their income. That's why I think the best way forward is to adjust the cap on the payroll tax so that people like me pay a little bit more and people in need are protected. That way we can extend the promise of Social Security without shifting the burden onto seniors. And we should exempt anyone making under $250,000 from this increase so that the change doesn't burden middle-class Americans. This means that 97 percent of Americans will see absolutely no change in their taxes under my plan—97 percent."
http://www.usnews.com/blogs/capital-commerce/2008/06/13/obama-plans-a-massive-hike-in-social-security-taxes.html

Is there anything that Geithner or Obama have said more recently that would point to some other specific measures? :shrug:

[Eric J in MN]

1. Yes, Tim Geithner said he wants a BI-PARTISAN solution...

...to Social Security running out of money in 2037.

http://firedoglake.com/2009/05/13/geithner-on-white-house-plans-to-fix-social-security/

"Finally, after we have passed health care reform that puts our nation on a path to lower growth in health care costs and expanded affordable coverage, this President will work to build a bipartisan consensus to ensure the long-term solvency of Social Security. The President explicitly rejects the notion that Social Security is an untouchable politically and instead believes there is opportunity for a new consensus on Social Security reform."

Congressional Republicans don't want to raise the cap or drop the cap. They want to cut benefits.

[FrenchieCat]

3. In otherwords, nothing specific was said by Obama or Geithner.....

[EndElectoral]

7. F BiPartisan. Did Roosevelt worry about bi-partisan? If we do we'll get crap!

[iamthebandfanman]

9. in other words, we are gonna argue

and then compromise on an agreement that does little to nothing to solve the problem.


aint bipartisonship grand when ur dealin with a minority republican caucus?

[liberal N proud]

2. I can hear the millionaires and billionaires now

crying about wealth distribution.

Why is it when they take all the cash away from the poor and middle class it is called Capitalism but when the rich bastards pay a little extra it is called socialism, and wealth distribution?

[madfloridian]

4. He also said we needed "Universal Savings Accounts".

That bothered me because setting up personal accounts like Bush wanted, and yes that is what he wanted to do....has nothing to do with saving Social Security. It is a way to get the private sector's hands in the pot.

Here is what he said to Congress, and those are the words of the DLC who have advocated for the private/personal accounts since Clinton.

In President Obama's speech to Congress he said these words:

"Now, to preserve our long-term fiscal health, we must also address the growing costs in Medicare and Social Security. Comprehensive health care reform is the best way to strengthen Medicare for years to come. And we must also begin a conversation on how to do the same for Social Security, while creating tax-free universal savings accounts for all Americans."
Changing Social Security

Now whether people need to save more or not, it is no way to fix Social Security. It will distract from the issue.

[FrenchieCat]

5. I think he is saying what is true...that Social Security cannot be the only income

folks rely on. It is not enough.

To orientate the nation to save as individuals throughout their lifetime for their senior years is a wise thing to do.

Those who live strictly on social security would tell you the same thing. It isn' a life free of worry and relaxation.

[madfloridian]

6. Correct. But starting up new savings accounts has nothing to do with Social Security

[FrenchieCat]

8. Well it doesn't and it does.....