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View Full Version : Obama Says Raising Taxes Will Fix Social Security




bobbyw24
02-24-2010, 08:47 AM
Henderson, Nev. (AP) - President Barack Obama says Social Security is slowly running out of money but that it can exist well into the future with a slight fix.

The system is funded with a tax on earnings, up to $109,000 a year. Obama says lifting that cap to tax a larger share of income would be one way to extend the system of monthly payments for retirees. It also would be unpopular with some.

Without an adjustment, Obama said Social Security will start to run out of money in about 20 years as more people begin collecting benefits.

http://www.cnsnews.com/news/article/61630

noxagol
02-24-2010, 09:16 AM
Well, for once, he got it right. Only way to fix a program that is out of money is to shovel more into it. Unfortunately, it's a terrible program.

Toureg89
02-24-2010, 09:41 AM
Well, for once, he got it right. Only way to fix a program that is out of money is to shovel more into it. Unfortunately, it's a terrible program.
lol, he gets +1 for admitting it takes increased tax revenue to support current programs.

and a -10 for willingness to create those increased taxes.

but it seems every/most politicians are willing to increase taxes without telling you, so, in a sad kinda way, that puts Obama out in front.:confused:

MelissaWV
02-24-2010, 09:50 AM
This is actually a great statement.

Raising taxes enough would, of course, fund Social Security. However, a tax hike specifically to fund SS will not likely pass.

When it does not, and SS goes to shit (because really, almost nothing will spare SS; the whole Ponzi scheme is no longer pyramidal), he can say he had the solution and no one listened.