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Politics : View from the Center and Left
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To: JohnM who wrote (212857)12/28/2012 1:15:58 PM
From: Sam  Read Replies (1) of 541572
 
Another reason for eliminating the cap.

Remember, back in the 1980s the Greenspan Commission supposedly fixed Social Security’s finances for 75 years, that is, until 2060. Why, then, do most projections show the trust fund running out well before then? Not because life expectancy is rising — that was already built into the projections. No, the big reason is rising inequality, which has led to a growing share of income coming above the payroll tax cap, so that SS revenue lags behind overall compensation.
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