Obama backs boosting revenue for Social Security

[ProSense]

Obama backs boosting revenue for Social Security

WASHINGTON (Reuters) – President Barack Obama said on Thursday he favored raising more revenue for Social Security to prolong the solvency of the U.S. retirement fund, rather than just cutting benefits or making people work longer.

Obama told a televised youth town hall event that he thought the best approach was to increase the amount of income subject to Social Security taxes above the current cap set around $106,000, but he did not rule anything out.

"I have said that all options are on the table. I think we've got to look at how we preserve it for the next generation," he said.

"I do think that the best way to do it would be to look at the fact that right now, you only pay Social Security taxes to about $106,000, and after that you don't pay any Social Security tax," he said. "That could be modified or changed in a way that would help extend the solvency of Social Security."

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[Go2Peace]

1. Glad to hear, but "all options are on the table"? Didn't we already learn how that works out?

The President is right that we need to raise the cap. He should just stick with the options that will truly resolve the issues.

[dkf]

2. What is the point? They are just going to spend it anyway.

It beats me why anyone thinks a surplus in the SS fund does us any good. It just preserves the illusion we will be able to pay benefits in the future.

[doc03]

3. I don't like the phrase "rather than (just) cutting benefits" n/t

[dflprincess]

4. That caught my eye too. Along with

"or making people work longer" and "all options are on the table". Pity he didn't take a few things off the table like he did with single payer.

[katandmoon]

5. Like appointing SS foes Simpson/Bowles to head the catfood comm. doesn't speak louder than words.

[indepat]

11. Never, ever have appointments spoken so much louder than all the words in the world could

ever speak: were there ever a slam-dunk, a certainty, a sure sign of intent, surely these appointments are it, end of story. :cry:

[jeanpalmer]

6. If raising the cap is "the best" way to do

why would he consider any other way?

The guy is a master with words. Let's write this down so we can revisit it couple months from now.

[Hekate]

7. He chooses his words carefully and studies every angle. That's a slower process than many would like

But his intent at every turn is to get the job done and do it right.

For instance, raising the cap is something that I believe is Congress's job, just as they are now voting on whether to send SS recipients another $250 this year.

Since there are 3 branches of government, Obama as president can't simply do it on his own if it is Congress's territory. His commission will come up with recommendations, but despite all of the handwringing here about cat food (which I hear is really tasty on toast or macaroni :eyes: ) the commission has no power of its own. Because it's -- you know -- Congress that has to do the actual legislation.

In other words, Obama is outlining what he wants, and what he has said ALL ALONG that he wants: for SS to endure as a program into future generations--a viable well-funded program that the GOP cannot destroy.

Nancy Pelosi, as Speaker of the House, can get it written up and passed there. Then it will go to the Senate and die like all the rest unless we manage to send a few more Dems to the Senate and not lose any next month. Then God willing the Senate will actually pass it, complete with raised cap.

Hekate

[katandmoon]

8. Why did Obama appoint two well known very harsh critics of SS to head the panel then?

[Hekate]

10. Why did he say that he appointed this or that person to the commission?

I wasn't paying attention at the time, but that's usually a pretty good clue to his intent.

[Vinca]

9. I wish I had more confidence in his words.