From Marco Ugolini:
Why no discussion of raising the cap without raising the existing rates?
That would be very useful, besides eminently fair and progressive, even during a recession:
Raising cap on social security tax best way to fix shortfall
John S. Irons
June 17, 2009
Thank you Chairman Kohl, Ranking Member Martinez, and other members of the committee for inviting me to testify today.
The Social Security system has been the bedrock of retirement security for Americans for over half a century. Over the years, the system has evolved in response to changing conditions. As is well known, program outlays are expected to outpace revenue so that the system faces a shortfall over the next 75 years. Responsible stewardship of the program would necessitate making feasible adjustments to move us towards sustainability.