Wherein we pose the question: WHY doesn't Obama propose raising the cap?
This is a very serious question. I have not been able to figure it out. It is an obvious solution to the issue of Social Security's long term solvency, and it addresses the question up front.
Reagan was able to double our contributions without any huge hue and cry. Yet Obama somehow feels he cannot ask higher earners to contribute their fair share towards their own retirements. Why?
Yes, yes, I know it's structured as a pay-as-you-go system. Nevertheless, we Baby Boomers paid in more during our careers because everyone knew the demographic bulge we represented would create a problem.
Well here we are 30 years later and we paid in more but the system is apparently still in trouble (if you believe the hair-on-fire rhetoric). Although the trouble really won't really start for 20 years or so. But still, there seems to be general agreement that Something Must Be Done.
Fine. Let's Do Something. Let's raise the cap.
My theory on why he doesn't want to do that, is that he doesn't want to alienate the affluent voters who would be affected by such a change. He promised not to raise taxes on people making $250,000 or less and that is one promise he intends to keep.
His promise not to cut Social Security benefits, on the other hand, is more, shall we say, malleable.
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