One study by the Congressional Budget Office showed by raising the Social Security deduction limits to $110,000, the social security problem would go away for at least another 100 years.
Of course congress would also need to stop robbing the trust fund.
As it stands now the 6.2% FICA deduction ends when a worker's salary exceeds $87,900 in a given year. In other words a person earning $87,900 pays about $5450 into the system. While a person earning $200,000 also pays about $5450 into social security.
Yes siree, what we need to do, according to Bush, is jack around the system so billions of dollars in citizens' earnings are diverted into brokerage and mutual fund accounts, and inflate the national debt some more to make up the temporary shortfall.
Sounds pretty stupid, overall, unless you are a bank, a broker or a mutual fund. |
