Monday, May 17, 2010

Newsflash: Obama Admin Considering Social Security Tax Hikes, Benefit Cuts

MSNBC is spinning this as simple "tweaks" to cut the increasing Social Security deficit. It may be that these moves will cut the debt, but it will mean that the President will have to go back on his promises on not cutting taxes or cutting SS benefits.

Some of the options:

  • Cutting the COLA increases to 1% a year, even if inflation is above it.
  • Increasing payroll taxes on those making less than $106,800.
  • Increasing the retirement age.
Pretty damning stuff if the Administration decided to do number one or two. Social Security was actually extremely solvent up until recently. President Bush's plan to partially privatize it in 2005, thus keeping it solvent, was shot down by Democrats. Good job, geniuses.

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