Robert Reich: Expand Social Security

[LongTomH]

Ten Ideas to Save the Economy #3: Expand Social Security

America is on the cusp of a retirement crisis. Millions of Americans are already in danger of not being able to maintain their standard of living in retirement, and the problem is getting worse.

You hear a lot about how corporations are struggling to make good on their pension promises, and how Social Security won’t be there for you in retirement.

Baloney on both counts.

................//snip

We can afford to increase Social Security benefits, as well as help ensure the solvency of Social Security, by eliminating the cap on income subject to Social Security taxes.

Unlike the Medicare payroll tax that everyone pays as a small portion of their total incomes, the Social Security payroll tax is capped. Any income over $118,500 this year is exempt from it. Which means a billionaire pays the same Social Security payroll tax as someone earning $118,500.

.................//snip

Scrap the cap, and not only is Social Security more secure for you and your kids, but it will be able to pay out even more benefits in your retirement.

Read more here: http://robertreich.org/post/118958136170

[Tierra_y_Libertad]

1. No! No! Expand defense spending to protect us from cranky, starving, old people!

[NaturalHigh]

2. K and R. Thanks Secretary Reich!

[msongs]

3. and quit cheating people who paid in all their lives and are being denied claims nt

[NaturalHigh]

5. +1

Your reply seriously deserves its own rec.

[SheilaT]

7. ? I can't think of cases where people pay into Social Security all their

lives and are then denied it.

If you're referring to SSDI, that's a very different situation. But if you pay in, once you turn 62 you can start collecting. You can't be denied.

[closeupready]

4. Yes. Thank you, Mr. Reich. K&R

[Vinca]

6. And a nonlaughable cost of living increase would be nice, too.

[PRB]

8. Wasn't the last increase a lousy 1.5%?

I get so tired of this argument. The COLA's are some measly amount like they are giving you something. 1.5%. Pffft. I get tired, too, of hearing the Social Security is some kind of pyramid scheme. A pyramid is transferring money from one person to the next, in perpetuity, with no product or service exchanged.
I don't even know if my money will be there when I retire. I don't even know how much I have in my account, but not even counting on it. It's depressing how they play with people's lives