Biden WaPo Q&A on Social Security

[gateley]

This is from a live chat Q&A on WaPo today

Marion, Iowa: Around 2040 Social Security will run into problems if kept the way it is. I am not concerned for myself but for my children who are in their 40s. I will be supporting you in January whenever we caucus.

Sen. Joe Biden: You are right -- after 2040, more will have to be paid out than is brought in through the Social Security System. That means we either must cut benefits or find an additional source of revenue.

Right now only the first $97,500 of income is subject to social security tax -- the so-called CAP. I would raise the CAP to keep the Social Security system solid.

http://www.washingtonpost.com/wp-dyn/content/discussion/2007/10/04/DI2007100401628.html

[PatSeg]

1. Sometimes the best answer is the most obvious

This has been the "obvious" answer for a long time now, but those with money don't want to hear it.

[rucky]

2. Why not remove the cap completely?

What is the point of the cap, anyways - barring the obvious?

[demommom]

3. good job Gately!