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Hillary's Right: There' s NO Social Security Crisis

Sarah's picture
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Here's the Money Quote from her interview today:
"We don't have a crisis in Social Security. We have long-term challenges that I believe can be met with relatively minor adjustments, as long as they are progressive and not imposing further burdens on people who should not be asked to bear the brunt," she says.
And Obama's claim that we need to "lift the cap" is just another way of taking more money out of the mouths of the working class and middle class to give to the millionaires.
Don't take my word for it; check out the audio at NPR on the "All Things Considered website. The whole eight-minute audio is worth hearing.

At "On the Issues,"

the spat between the Dem frontrunners over Social Security is laid out in more detail.

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chicago dyke's picture
Submitted by chicago dyke on

sarah, you know i suck at econ. is there a progressive way to 'lift the cap' or am i misunderstanding the point?

i was under the impression that richer people paid no additional SS tax no matter how much more they make past 100K$ do i have that wrong? 100K is barely middle class in some areas, i'll grant you. but "fixing" SS should be an easy progressive solution, i doubt many are going to complain if the new burden fell exclusively upon those with say, annual incomes and receipts of $1m and up.

Sarah's picture
Submitted by Sarah on

The idea you posit would work and do little harm; but Obama wants to raise the Social Security bite on EVERYBODY'S CHECK -- and it's already nearly a quarter of the sandwich for minimum-wage full-time workers!!!

I have never heard Hillary make as clear and concise a statement in my life as the one she made yesterday on NPR.
Raising the bite on everybody's sandwich won't help anybody, but it will especially hurt people who make less than the current "cap" of $97,500 annually.

What ought to be done IMHO is to reduce the bite on those folks, or at best freeze it at its current level for the next 10 years, and simultaneously change the rule so that anyone making, say, $150,000 or more annually must pay an equal percentage of their earnings with the percentage taken from the folks making $18,000 a year. What that would do is just exactly what you suggest: the biggest share of the increase would be paid by the people making $1M annually and up.

I am, by the way, in favor of raising the Federal Income Tax Assessment on all those checks which amount to $500,000 annually or more to a flat rate of 30%, and of raising corporate taxes -- sorry, John McCain, but your logic on this is more of the same failed GOP rhetoric -- so that their front-load taxes are 30% to 40%. I also want to eliminate corporate tax breaks pretty aggressively -- any corporation which makes more than 20 percent of its products with overseas labor or in overseas factories or using materials imported from overseas should get ZERO tax breaks for being a EEUU corporation, and the same for all corporations with their headquarters outside the United States (as in the Caribbean or Germany, etc.) should apply.

If you make the rich pay their fair share pretty soon they'll stop hating poor people, because all of a sudden they'll discover that they too must face the reality of income limits.

The credit crunch and the stock market fall are good things, CD, particularly coming as they are now with Republicans still in the White House and substantially in power in the Congress where it can be shown that their actions (and their studied inactions) are causing our current depression.

I've been watching this stuff since Nixon beat Humphrey.
A Republican in the White House means a recession -- every single time; but sometimes, as happened before FDR and before Bill Clinton and is happening again now, that recession becomes a depression. Our media is so dishonest they cannot pretend to fathom that unbridled greed and siphoning away the foundation of our economy -- wages good enough to let people afford to live, even if they need medical care or want education -- is always, always, always a plan for failure.

We can admit that we're killers ... but we're not going to kill today. That's all it takes! Knowing that we're not going to kill today! ~ Captain James T. Kirk, Stardate 3193.0