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[Sekhmets Daughter]

42. A red herring? Really?

There is a cap on contributions because, and only because, there is a cap on benefits. You like the progressive income tax system, correct? Yet I'm sure you know that those paying the top rate, don't pay that rate on all of their income, but just that amount above $338,350. And while it can positively be argued that those who earn more income, ultimately benefit more from a stable government, there is no compensating argument for raising the cap on SS contributions without raising the benefits.

Social Security doesn't have a potential problem because those making above $110,100 a year don't pay enough....It has a problem because there are too few people making $110,100 a year. Because there are too many people who qualify for the EITC even though they work 40 hours a week. Wages are too low to sustain the system long term. Raising, or eliminating the cap, is a short term fix for a long term problem.

While the maximum benefit in 2012 is $2,513. a month...the average retiree is collecting $1,229. a month because they never made enough money to make the maximum contribution. Raising the cap doesn't address that issue does it? Your benefit is based on your contributions....

Furthermore, the owners of capital don't give a rat's ass about their employees. Think Papa John's here. If you raise or eliminate the cap on contributions, even more employers will go the 1099 route and the workers will be hit with the full 15.30% If you've ever had to pay that 15.30% you must know, it hurts. There is no simple fix to the SS problem...and certainly no short term fix.