Why does Obama Propose to immediately remove the cap from social security earnings?

Question

Since the surplus is not projected to end until 2017 and any surplus is spent with nothing more than an IOU left in its place, why do it now? All it will do is make the amount of money owed to the social security fund even greater. Why would one do this 9 years before it is necessary? It is it get larger social security surpluses for the next 9 years to mask budget deficits?

Answer 1

It is called planning ahead.  That is what real leaders do.

Answer 2

Wish I knew. But I intend to research this more. Sounds like he has plans for all the money we boomers have been putting in for years.

Answer 3

Let's see if I have this straight.  We don't need to bring in more money now for social security because we'll just "borrow" it and spend it elsewhere.  OK.  Is it better to "borrow" money from yourself, or borrow it from someone else?  As for your analogy, it is really like getting a second job so you don't have to borrow so much money to pay for the c**p you are going to buy no matter what you bring in.

But don't worry.  Obama actually doesn't call for raising the cap on social security earnings for a decade.  So your 2017 date is consistent with Obama's plans.  Here is the quote from his advisers, as published in the Wall Street Journal:

Sen. Obama does not support uncapping the full payroll tax of 12.4% rate. Instead, he is considering plans that would ask those making over $250,000 to pay in the range of 2% to 4% more in total (combined employer and employee). This change to Social Security would start a decade or more from now and is similar to the rate increases floated by Sen. McCain's close adviser Lindsey Graham, and that Sen. McCain has previously said he "could" support.

Answer 4

You can bet that anything this man does will be harmful, or will have some sort of ulterior motive. He's a liberal socialist, and all you people who believe in him belong in a mental hospital, to put in politely.

http://common-sense-conservative.com/

Answer 5

He will really mess that up.  I think he is doing it because he is raising the taxes so much for the rest of us that are stuck still paying.

Answer 6

HELLO???? Since when has Social Security had a surplus?  Please enlighten me.  I thought is has been in debit since it bailed out the Postal Service in the 60's.  There may be a position for you in the Cabinet with your knowledge.

Amazing no one caught that!  get answers based on gut.  which is good but requires some foundation.

Answer 7

Because the cap was put on many years ago and with inflation, it is woefully out-of-date.Currently, the amount that you put into social security stops at $90,000. It should continue to rise as income rises. This will make social security financially sound. We need to do it immediately because of the number of people who are retiring in the next few years.

Answer 8

Your point is a good one.  If we are to continue this charade of the social security pyramid scheme, something has to be done to prop it up.  No one with an IQ above room temperature can believe that it is a viable program but anytime anyone suggests privatizing it, the hounds of h**l (democrats) are unleashed upon them.

To the answerer that is surprised to think their is a paper surplus, it was estimated to be $1.86 trillion in 2005.  The government has been borrowing the surplus every year.  There hasn't been a balanced budget in a long time.

fs

Answer 9

So he can tax people making over the cap amount to pay way more into a social security tax that they will NEVER need themselves.

I am very far from rich, but anyone who has the capacity to be honest can see that this is not fair. But he is running a campaign neck deep in class warfare tactics so it is completly understandable. I believe it will go over well with ignorant people who will never actually think or research his method for making his Amercan Utopia achievable. (If you even believe it is)

Answer 10

How do you think Bill Clinton created his fraudulent surplus? I-O-U's.  They have come due and Bush is taking the fall for it.  This is a fact, but I'll get negative votes from people who have no clue whatsoever.

  Your question however is about social security.  The surplus we constantly hear about is totally something else.