NYT's Thomas B. Edsall: The War on Entitlements

[flpoljunkie]

March 6, 2013
The War On Entitlements
By THOMAS B. EDSALL

The debate over reform of Social Security and Medicare is taking place in a vacuum, without adequate consideration of fundamental facts.

These facts include the following: Two-thirds of Americans who are over the age of 65 depend on an average annual Social Security benefit of $15,168.36 for at least half of their income.

Currently, earned income in excess of $113,700 is entirely exempt from the 6.2 percent payroll tax that funds Social Security benefits (employers pay a matching 6.2 percent). 5.2 percent of working Americans make more than $113,700 a year. Simply by eliminating the payroll tax earnings cap — and thus ending this regressive exemption for the top 5.2 percent of earners — would, according to the Congressional Budget Office, solve the financial crisis facing the Social Security system.

So why don’t we talk about raising or eliminating the cap – a measure that has strong popular, though not elite, support?

more...

http://opinionator.blogs.nytimes.com/2013/03/06/the-war-on-entitlements/?hp

[WillyT]

1. K & R !!!

[AzDar]

2. R & K

[RebelOne]

3. I depend on Social Security benefits of $17,000 minus Medicare payments

of $105 monthly for ALL of my income. I have no other income but savings, which I only withdraw from in cases of emergencies.

[forestpath]

4. The real question is why Obama has never talked about it.

[hay rick]

5. But that wouldn't be bipartisan.

That would mean being a Democrat.