"I give you these data so you will see what suckers we Americans are."

[REACTIVATED IN CT]

http://www.washingtonpost.com/wp-dyn/content/article/2005/05/02/AR2005050201261.html
Social Security, Day by Day
By Richard Cohen

Tuesday, May 3, 2005; Page A21
This column is about Day Two. Day One is the first day of the work year. On that day, the average American worker earns about $142.31 and, of course, has a piece of that withheld for Social Security. Since the cap on such payments is $90,000 a year and the average American earns only $37,000, he or she pays Social Security tax all year long. Now we come to Day Two. For some people, it's not like Day One at all.
A couple of those people happen to be Tom Freston and Les Moonves. They are co-presidents of Viacom, the entertainment conglomerate that owns CBS and Paramount Studios. Last year they each took home more than $50 million. Of that, about $20 million was in salary and bonuses (I'm rounding like crazy here), which means that if they get paid for 52 weeks a year and work a five-day week, they earned about $77,000 on Day One. By, say, 10:15 in the morning of Day Two, their Social Security obligation was behind them.

I give you these data so you will see what suckers we Americans are. <snip>

Whatever the merits of personal investment accounts, they would do nothing to alter the dismal math of Social Security projections. But raising the cap would. Why $90,000? Why not $140,000? Better yet, why not raise it to $140,000 and then raise it to confiscatory levels on obscene payments such as Michael Eisner's $575.6 million back in 1998 or -- brace yourself -- the $105,000 Moonves got for using his own home in New York rather than a hotel or the $43,000 Freston got for spending time in his place in Los Angeles. (Moonves is based in L.A.; Freston is based in New York.) Somewhere, ladies and gentlemen, is a CEO who's angling to be paid for sleeping with his wife. It's just a matter of time. Get mad, people. Get mad.




http://www.washingtonpost.com/wp-dyn/content/article/2005/05/02/AR2005050201261.html

[gordianot]

1. This is practical math. Not a fun subject in school. Seldom taught.

It would make a good lesson in practical math by lets say 6th grade. Will suggest it to several teachers I know.

Thanks for the link and idea.

[Amy6627]

2. Fabulous post!!! KICK KICK KICK!!! n/t

[harpo]

3. nice to see the caps getting some attention

[EC]

4. Why stop at $140,000.?

Why not ALL income?