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Sunday, November 11, 2007

Obama: Let’s Put More Tax Dollars In The Failed Social Security Program

The Social Security program has a lot of problems.  Politicians keep stealing money from it to fund other projects.  Program payouts to seniors aren’t enough to provide for their needs, and as the demographic of our population that qualifies for Social Security grows larger than the demographic which pays taxes to fund the program it is inevitably going to be come so top-heavy as to be unsustainable.

So clearly, this is a problem our leaders need to fix.  So what’s Barack Obama’s fix?  Stop politicians from raiding SS money?  Cut back on benefits as the number of people collecting benefits doesn’t unduly burden those funding the benefits?  Push back the retirement age?  Create retirement accounts so that the people who pay into Social Security can be assured of getting their money back?

Nope.  Obama’s fix is to raise the tax burden on working Americans.

WASHINGTON - Democrat Barack Obama said Sunday that if elected he will push to increase the amount of income that is taxed to provide monthly Social Security benefits.

Obama and other Democratic presidential candidates previously have signaled support for this idea.

But during an interview on NBC’s “Meet the Press,” Obama said subjecting more of a person’s income to the payroll tax is the option he would push for if elected president.

He objected to benefit cuts or a higher retirement age.

“I think the best way to approach this is to adjust the cap on the payroll tax so that people like myself are paying a little bit more and people who are in need are protected,” the Illinois senator said.

“That is the option that I will be pushing forward.”

Currently, only the first $97,500 of a person’s annual income is taxed. The amount is scheduled to rise to $102,000 next year.

Right.  Because that’s what Americans need.  More taxes.

It’d be nice if, at some point, a liberal politician would come up with a solution to a problem that didn’t include increased government spending and/or increased taxation.

Comments

I’ve always wondered why blacks support SS, since the average black male doesn’t live long enough to collect any benefits.
It turns out the support comes from all the survivor benefits.
Their orphans can collect a check until age 18 which isn’t as good as Pomeroy and Conrad had since they collected a check all the way through college.
Those were “the good old days.”

Kevin on November 11, 2007 at 04:30 pm

since the average black male doesn’t live long enough to collect any benefits

.

LIFE EXPECTANCY AT BIRTH
WHite 77.1 B 71.1
B Males 69.4
LIFE EXPECTANCY AT AGE 65
W17.8 B16.1
LIFE EXPECTANCY AT AGE 85
W6.2 B6.4

WOOF on November 11, 2007 at 04:55 pm

The Dems “tax and spend” approach to everything is known to knowledgeable people as “throwing good money after bad”.  It’s just stupid.


Save America; boycott the MSM.

robert108 on November 11, 2007 at 05:06 pm

Barry “O” told Russert that SS should be raised on people “like him.”
I wonder how other bi-racial shysters feel about that.

Kevin on November 11, 2007 at 08:29 pm
Avatar for F. Keith Paxson

They Said It: Thompson Social Security Plan Applauded as ‘Courageous,’ ‘Honest,’ and ‘Substantive’

Courage & Honesty

Republican presidential contender Fred Thompson’s plan to save Social Security and protect seniors, which he introduced Friday afternoon in a Washington, D.C., hotel, differs starkly from standard election year pablum on the subject in one key way: He’s actually treating voters like adults. (ABC, 11/9)

Thompson...is seeking to show he is willing to take on tough issues if elected in November 2008, telling a news conference in Washington he was the only candidate to offer an extensive Social Security plan. (Reuters, 11/10)

“You certainly have to admire his courage for putting this out,” said Alan Viard with the American Enterprise Institute. (Tennessean, 11/10)

Supporters contend that Thompson’s willingness to take on the so-called third rail of politics will impress voters. (Bloomberg, 11/10)

Conservative economic experts applauded Thompson for offering specifics on an issue considered to be politically dangerous. (Tennessean, 11/10)

“He’s not afraid to be brutally honest with the American people about the challenges that lie ahead,” said Representative Zach Wamp, a Tennessee Republican who is working to recruit supporters for Thompson. “People can tell the difference between a strong leader telling the truth and a weak leader talking politics.” (Bloomberg, 11/10)

Substance

[Thompson is] the first candidate of either party to offer a detailed proposal to fix the nation’s retirement system. (WP, 11/10)

The Republican candidate laid out a detailed, four-page proposal (WSJ, 11/10)

Mr. Thompson’s plan...was more specific than what the Bush White House put on the table when it sought to overhaul the system. It also varied substantially from the traditional conservative approach of focusing primarily on personal investment accounts. (NYT, 11/10)

Economist Jason Furman said Thompson deserves credit for offering a detailed plan to address the projected Social Security shortfall...(Bloomberg, 11/10)

In discussing policy, Thompson was in his element. (Politico, 11/9)

He’d prefer to talk about substance. (Politico, 11/9)

Thompson’s plan draws on ideas favored by conservatives: a reduction in benefits, rather than an increase in payroll taxes; and a shift toward private accounts, rather than government-provided payments. (WP, 11/10)

Rivals

[Thompson] ventured Friday into an area few rivals have tread: advocacy of a fundamental overhaul of Social Security. (WSJ, 11/10)

Although all of the presidential candidates have spoken, when asked, about the need to fix the Social Security system, none has offered such a detailed plan nor talked so eagerly and often about the issue. (WSJ, 11/10)

Among Republicans, former New York mayor Rudolph W. Giuliani, Arizona Sen. John McCain and former Massachusetts governor Mitt Romney have talked in general terms ... but none has offered a specific plan. (WP, 11/10)

Mr. Thompson is the only one of the Republicans running for the White House who has made Social Security a central theme of his campaign. (NYT, 11/10)

He is the only presidential candidate so far to make Social Security an anchor of his campaign. (WSJ, 11/10)

But with less than two months before the 2008 voting begins, candidates have generally been reluctant to confront the Social Security issue. (WP, 11/10)

-----------------------------------------------

Saving and Protecting Social Security
A Plan to Ensure Retirement Security for All Americans

http://www.fred08.com/virtual/socialsecurity.aspx

F. Keith Paxson on November 12, 2007 at 01:44 am
Avatar for steve bourg

It’s disheartening when a potential leader (Obama in this case) treats us as idiots.  SS cash flow won’t go negative until 2018 so why would he think that WE think this is a good idea, to have CRUSHING tax increases for 10 years when they’re not even needed?!
The first simple solution would be gradually reduce benefits in 2019 to fix the cash flow deficit.  That should be the starting point for a fix.  Any alternative fix should be required to prove why it’s better for the economy that the “starting point fix”.

steve bourg on November 17, 2007 at 11:37 am
Avatar for Rebecca Rinker

How does anyone feel about a nation wide bi-monthly lottery with the SS as the benificiary?

The electronics already exist in every state (I think)
Winnings could be tax free dollars.

Everyone who buys tickets would feel like they are making a contribution for the good of the people including themseloves.  The effort might just bring out MORE ticket buyers.  We’ve all seen unbelievable numbers involving a couple of states.....the whole country, pooled together, would be unfathumable!  A lot of money for a very good cause...the betterment of our future!

Please comment.

Rebecca Rinker

Rebecca Rinker on December 5, 2007 at 11:25 am
Proof
Proof
12801 comments
Send a private message

How does anyone feel about a nation wide bi-monthly lottery with the SS as the benificiary?

Bad idea! Lotteries have been described as a tax on the math-impaired!
Studies have shown that poorer people disproportionately play the lottery.

Giving it a rationale: “It’s for the schools! It’s for Social Security!” makes it easier to rationalize irrational behavior. The government ought not to be in the business of separating the poor and lower middle classes from their money via any gambling scheme.

If it’s a legitimate function of government, fund it through taxation. Government funding was never intended to be a crap shoot!



Barack Obama: All hat and no cattle since 1997!


Proof on December 5, 2007 at 11:46 am
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