Social Security can be fully financed and expanded by eliminating a tax break that caps social security taxes after the first $113,700 in income. What this means is if you're making a million dollars (most of congress) you don't have to pay any taxes on any earned income over $113,7000. The 1% doesn’t want to pay their fair share so the powers that be came up with Chained CPI’s.
Eliminating the cap is a no-brainer, like buying a good lock for the door to your home, and will guarantee the solvency of Social Security. Yet, the Obama administration continues to maintain a pathological attachment to chained CPI’s. I am told it is a strategic move to get some kind of concession from the Republicans but that’s so much bullshit. This is the corporate tool aspect of both parties rearing its ugly head. If you follow the money the only people who stand to benefit from chained CPI’s are the people who are currently not paying their fair share of social security tax.
For Obama and a goodly portion of the democrats to offer up Social Security cuts doesn’t make any sense. First off Social Security is not part of the deficit; that’s our money in there, yours, mine and ours, taken out (FICA) of each and every paycheck. Secondly, the reason there is a dearth of funds in the Social Security pot at this moment is because after G.W. Bush’s tax cuts for the 1%, federal taxes weren’t bringing in nearly enough to cover the cost of his wars. So he took it from social security.
Now the government has decided that rather than paying back the people’s money, which Bush took, they’re going to make senior citizens pay for the man’s crimes. This is right up there with handing $7.7 trillion dollars to the very same men who were behind the bank collapse and trusting them to change their ways.
Chained CPI's are being spun by both Democrats and Republicans as the only way to fiscal freedom. Nothing could be further from the truth; raise the cap, problem solved. The good news is that more and more progressives, Elizabeth Warren and Bernie Sanders are probably the most visible, are challenging the lies, the spin, the entire structure of this country’s economic system. More and more bills (links below) are making it to the floor calling for a life on the social security, demanding that the wealthy pay their fair share.
If I hear social security referred to as an entitlement one more time I will scream.
From my heart to yours.
Live loud, love fierce, and suffer no fools. Kat Manaan MAWT
“Under the Federal Insurance Contributions Act (FICA) 12.4% of earned income up to anannual limit must be paid into Social Security, and an additional 2.9% must bepaid into Medicare. That limit is $113,700 for 2013…”
Lefty, feminist, progressive, pro-choice, pro-humanity, pro-environment, anti-corporation, resister.....