Wednesday, May 02, 2012

Scrap the Cap on Social Security

All of the hoopla about Social Security going bust is just that...hoopla. Every time the Social Security Trustees come out with their report, the right wingers try to make a big deal about it, but look.
Here's what the report says:

  • Trustees project Social Security will be able to pay full benefits until the year 2033.  After that, Social Security will have sufficient revenue to pay about 75% of benefits.
  • Social Security is still well funded.  In 2012, with the economy showing slow signs of recovery, Social Security’s total income still exceeded its expenses by over $57 billion. In fact, the Trustees estimate that total annual income is expected to exceed program obligations until 2020.
  • Beneficiaries will likely see a Cost of Living Allowance increase of 1.8% in 2013.
So retirees, this is not a big deal. Social Security, like every other part of life needs to adjusted once in awhile to simply make sure it's working and healthy. Not a big deal. A few minor adjustments is all that's necessary.

All that needs to be done is to raise the cap on payroll taxes. That would fix what problem there might be.

Scrap The Cap!

1 comment:

petterjoe said...

Helpful article. Good for the people how need information about this. Thank you. Petter Joe