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

[eridani]

http://www.nationofchange.org/2015/05/15/ten-ideas-to-save-the-economy-3-expand-social-security/

That means Social Security is more important than ever. Today, two-thirds of seniors derive over half of their income from Social Security, and one-third of seniors rely on it for at least 90% of their income. Without it, the poverty rate of our seniors would be 45% instead of 10%.

Social Security will be there for you in your retirement. The problem is it won’t pay you enough.

That’s why it’s important to expand Social Security – not cut Social Security benefits.

How?

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.

This isn’t fair and it’s not sensible. Billionaires and millionaires should pay just like everyone else.

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.

[-none]

1. The real problem with Social Security is the outsourcing of our Living Wage Jobs.

Millions of people have had major income drops because their jobs went overseas, or otherwise just went away. These people took over the minimum wage jobs teenagers used to do.
People taking "early retirement" to survive, are not contributing to Social Security either.
Raising the cap, while it will certainly help, is just kicking the can down the road. The gutting of our Middle Class that drove our economy, is the root cause of the so-called Social Security short fall.

[rock]

2. Still, I do like the idea of no cap

Particularly since there are no real deductions that allow you to escape you share of SS.

[woo me with science]

3. K&R