Removing the cap on Social Security wages

There is a proposal from one of the presidential candidates to remove the cap on all or some wages above the current level of approximately $102,000. This is proposed as a way to solve the fiscal crisis in Social Security. Unfortunately, according to the Social Security actuaries, even this draconian measure would not solve the problem, merely postpone it. Furthermore, in order to preserve the fiction that this is a retirement program, rather than a welfare program, it would be necessary to raise benefits for the group of people whose wages would be subject to the increased withholding. The actuaries did not address the effect of this on the ultimate problem.

Somebody is not thinking these things through before proposing them.

The best long term solution is private accounts invested in a limited range of funds.

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