Tom Edsall, a professor of journalism at Columbia University had a column in the New York Times earlier this week where he discussed as he titled it; The War On Entitlements. In this piece Professor Edsall points out numerous numbers that are not being discussed in Washington and most of the media. For many or most of us here in kossackland these numbers and the discussion are not new, but as in many things we "know" here, it takes awhile for them to be known in Washington.
Currently, earned income in excess of $113,700 is entirely exempt from the 6.2 percent payroll tax that funds Social Security benefits (employers pay a matching 6.2 percent). 5.2 percent of working Americans make more than $113,700 a year. Simply by eliminating the payroll tax earnings cap — and thus ending this regressive exemption for the top 5.2 percent of earners — would, according to the Congressional Budget Office, solve the financial crisis facing the Social Security system.Ya got that? Let me repeat it;
"Simply by eliminating the payroll tax earnings cap... would... solve the financial crisis facing the Social Security system."
When asked by the National Academy of Social Insurance whether Social Security taxes for better-off Americans should be increased, 71 percent of Republicans and 97 percent of Democrats agreed. In a 2012 Gallup Poll, 62 percent of respondents thought upper-income Americans paid too little in taxes.
So it begs the question;
If eliminating the cap on FICA withholding is so popular, why doesn't it get serious discussion?
We all know the answer to that one. Money, power and influence are most of it, but ideological rigidity along with stupidity remains the real roadblock to a common sense solution to a problem that isn't really a problem much less a crisis. In other words look at Wall St and the likes of Grover Nordquist. Wall St. wants to get their hands (so they can gamble with it) on the billions of dollars Social Security collects and Grover and his minions are Grover and his minions.
I encourage everyone to read Professor Edsalls piece and study the charts that accompany it. They should really piss you off if you haven't been already by the discussion about your earned benefits aka Social Security and Medicare. Let's repeat that, YOUR EARNED BENEFITS Social Security and Medicare! They are not entitlements! If I have a quip with the professor, it's that he used the right wing meme to even have this discussion. Let's all remember to use the correct term, EARNED BENEFITS.
On with the games!!
Mojo Friday Guidelines
1) If you comment you have to recommend all comments. (in order to receive mojo you have to give mojo. It's only good mojo manners.)
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8) TexDem (that's me) is not bound by the guidelines. Heh
Mojo Friday Goals
A. At least 300 different commenters and 1000 comments by 1:30 PM EST and 1500 by 5:00 PM EST Friday Night that it's posted.
B. 100 recommends for each comment, at least.
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I. That's enough for now. (Have a suggestion? Post it.)
MKinTN posted a diary to help everyone achieve greater success called How to Succeed at Mojo Friday Without Really Trying.
For those of you new to MF (Mojo Friday) we have our own lingo about a few things. Thank's to MF'er Jez (the link will explain) go to this diary for a little more fun and explanation. Official Mojo Friday Snecktionary.