Here is the entire text. What we need to do is simply lift the $118,000 cap and then SS will be fine for a long time and it is what the progressives want to do.
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Here are some excerpts from-Mayor Michael Bloomberg’s prepared remarks for a forum hosted by the Center for American Progress and the American Action Forum at the Center for American Progress’ headquarters in Washington, DC. (November 2011):
When you look at Social Security’s underlying numbers, the need for reform is undeniable – especially when you consider that one of every two children born today is likely to live to be more than 100 years old. [ My link: The rich live longer]. That’s great news for the next generation. But to support their retirements, we’re going to have to adjust.
Already, Social Security is the greatest transfer of wealth in the history of the world – with the possible exception of OPEC. And as fewer and fewer workers support more and more retirees, that transfer will get ever more burdensome for American workers. In 1950, there were 16 workers for every one retiree, which kept taxes reasonably low for each worker. Today, there are only 3.3 workers for every retiree. And 15 years from now, the number is expected to be only two workers per retiree. That means Americans will spend more and more of every day working to support other people’s retirement, instead of supporting their own families.
The sooner we address this problem, the more gradually we can phase in changes. By making modest adjustments to future benefits now, by slowly and gradually phasing in a higher retirement age over the next six decades, and by adopting the Bureau of Labor Statistics’ more accurate measure of the Consumer Price Index, known as the Chain Weighted CPI, which seems to be a point of agreement on the Super Committee, we can make Social Security solvent for the next 75 years – and we can make sure that young people of tomorrow are not spending far more of their income supporting seniors than the young people of today.
http://www.economicpopulist.org/content/michael-bloomberg-possible-run-president-would-gut-social-security-5908
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