WP: Social Security 101

[GOPFighter]

http://www.washingtonpost.com/wp-dyn/articles/A14663-2005Jan16.html

Washington Post's lead editorial today is the beginning of a series of editorials examining the Social Security issue. This is a basic overview of the current system. Some excerpts:

Today, without Social Security, almost half of elderly Americans would be living in poverty; with it, about 10 percent are. For nearly two-thirds of the elderly, Social Security provides the majority of their income. It is the only source of income for one-fifth of all elderly people, for 25 percent of non-married elderly women, and for 38 percent of elderly African Americans and Hispanics.

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When the system was last revamped in 1983, 90 percent of wages were subject to Social Security taxation, but, because of growing income inequality, the existing cap reaches only 85 percent of wages, a phenomenon that could become relevant as some advocates urge increasing the cap on the payroll tax as a step toward attaining solvency.

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Since collected her first check in 1940, life expectancy at age 65 has risen by about five years, from 77 1/2 to 82 1/2, another factor pertinent to the upcoming debate.


I found this editorial very informative. The Washington Post is planning to devote a section of their website to the Social Security issue.

This is going to be the most crucial issue of 2005 IMO. If Bush can pull this off, this country is in deep shit. Bush calls the privatization of Social Security a part of his new "ownership society," and he's right. His ultimate goal is for Wall Street own us all!

GOPFighter