Obama Flip-Flop on Social Security (Baby Boomers, democratic, president, Barack Obama)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Obama had proposed to increase taxes on incomes over $250K to help fund the Social Security shortfall. Now, he has altered his proposal:
Aug. 14 (Bloomberg) -- Democrat Barack Obama would wait at least a decade to impose the Social Security payroll taxes on Americans who earn more than $250,000 a year, a main component of his proposal to keep the retirement insurance system solvent.
Deferring a new levy on higher income taxpayers also would allow Obama, the presumptive Democratic presidential nominee, to largely dodge immediate political and economic repercussions of the proposal.
Not to quibble here, but the longer you delay implementing a solution for funding shortfalls, the more significant the funding needs to be (i.e. - a higher % of contributions).
Obama had proposed to increase taxes on incomes over $250K to help fund the Social Security shortfall. Now, he has altered his proposal:
Aug. 14 (Bloomberg) -- Democrat Barack Obama would wait at least a decade to impose the Social Security payroll taxes on Americans who earn more than $250,000 a year, a main component of his proposal to keep the retirement insurance system solvent.
Deferring a new levy on higher income taxpayers also would allow Obama, the presumptive Democratic presidential nominee, to largely dodge immediate political and economic repercussions of the proposal.
Not to quibble here, but the longer you delay implementing a solution for funding shortfalls, the more significant the funding needs to be (i.e. - a higher % of contributions).
The economic situation has changed since 2007. He's talked to many economic and financial-market experts and I suppose learned something from them of projections for our future up around the bend.
But good, Im glad he's being flexible! Especially since $250,000 aint what it used to be, even a year ago. But it is ominous what it implies about the economy.
Not to quibble here, but the longer you delay implementing a solution for funding shortfalls, the more significant the funding needs to be (i.e. - a higher % of contributions).
$53 trillion in the hole through 2041. Going up $2-3 Trillion per year.
At least McCain is clear on his plan for Social Security. He wants to "privitize" it and hand it over to Wall Street to play with, just like Bush tried, and failed thankfully, to do.
Barack Obama's Plan
Protect Social Security
Obama is committed to ensuring Social Security is solvent and viable for the American people, now and in the future. Obama will be honest with the American people about the long-term solvency of Social Security and the ways we can address the shortfall. Obama will protect Social Security benefits for current and future beneficiaries alike. And he does not believe it is necessary or fair to hardworking seniors to raise the retirement age.
If he is now stating that Social Security needs no corrective actions for the next decade, he needs to clearly state why he believes it isn't in long term trouble.
His sentiments go a bit against the testimony of former GAO Chief David Walker:
The basic message is this: If the United States government conducts business as usual over the next few decades, a national debt that is already $8.5 trillion could reach $46 trillion or more, adjusted for inflation.
A hole that big could paralyze the U.S. economy; according to some projections, just the interest payments on a debt that big would be as much as all the taxes the government collects today.
And every year that nothing is done about it, Walker says, the problem grows by $2 trillion to $3 trillion.
And with the first baby boomers becoming eligible for Social Security in 2008 and for Medicare in 2011, the expenses of those two programs are about to increase dramatically due to demographic pressures. People are also living longer, which makes any program that provides benefits to retirees more expensive.
This is a problem. The more of his plans that come to the surface the more people will see that his ideas will never be implemented without much much larger taxes on everyone....not just who he claims he won't.
This is a problem. The more of his plans that come to the surface the more people will see that his ideas will never be implemented without much much larger taxes on everyone....not just who he claims he won't.
"Read my lips no new taxes"
Well, my questions also have to do with those who analyzed McCain and Obama's tax proposals.
With this greater degree of specificity for social security and capital gains, are deficits under Obama's proposals significantly greater than originally anticipated?
At least McCain is clear on his plan for Social Security. He wants to "privitize" it and hand it over to Wall Street to play with, just like Bush tried, and failed thankfully, to do.
Yes, exactly. A great plan if you are currently 15 years old. The h- with the rest of us, I guess McCain is thinking.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The h- with the rest of us, I guess McCain is thinking. 
