The Associated Press series in the U-B on the peril Social Security faces has again left me incredulous and angry.
Incredulous because politicians and the media continue to ignore a very simple fix: Raise the cap on the level of wages that is taxed for Social Security.
Each of the AP’s articles has pointed out that the Social Security tax is applied to the first $110,000 of a worker’s wages. Why don’t we simply raise or eliminate that cap?
Many “think tanks” have calculated the effects of raising the cap to various levels or eliminating it outright, yet politicians continue to focus on the specter of reduced benefits or raising the qualifying age again (which, by the way, is also reduced benefits).
There are two parts to the program: Revenue and benefits. Why does everyone seem to focus on the benefits? A change to the revenue stream can be just as effective. Even if this change would not totally fix the shortfall, it would at least push back the predicted doomsday in 2033.
I am not a rich man, All of my wages are taxed for Social Security, and it does not seem unfair to me that all of everyone’s wages be taxed for Social Security. This is not class warfare and unlike President Obama, who seems to be hell bent on just such warfare, I do not resent a person’s wealth. Maybe the fact that this solution is not class warfare will keep it from being considered.
In this age of instant mass communication it is unbelievable to me that a grass roots effort to push this solution has not been generated. Maybe a tech savvy reader can take up the cause.