In a former life I was a trustee of the Social Security trust fund. So let me set the record straight.Social Security isnĂ ‚¬ „ t responsible for the federal deficit. Just the opposite. Until last year Social Security took in more payroll taxes than it paid out in benefits. It lent the surpluses to the rest of the government... thereĂ ‚¬ „ s no reason even to consider reducing Social Security benefits or raising the age of eligibility. The logical response to the increasing concentration of income at the top is simply to raise the ceiling.
Not incidentally, several months ago the White House considered proposing that the ceiling be lifted to $180,000. Somehow, though, that proposal didnĂ ‚¬ „ t make it into the PresidentĂ ‚¬ „ s budget. |