Wednesday, March 30, 2011
More on "the pro-Social Security case for reform"
On March 29, Ezra Klein wrote a column for The Washington Post, “The pro-Social Security Case for Social Security Reform”, and he added “Further Thoughts”, all of it findable here.
He mentions a number of ideas. A 3% surcharge on incomes over $200000 would wipe out the shortfall. Or one could uncap the payroll FICA tax (now at $106000) completely. Some of this comes from Gene Sperling, the head of President Obama’s National Economics Council. Included is a partial privatization, a layered plan with some of it a highly regulated 401(k) but owned by the individual and forever protected from “means testing.” Some of the neocon Bushie ideas are back already.
But there’s not much question that means testing and the questioning of payments to people who, whatever their FICA tax “annuity premium” contributions when working, have other means today, could come sooner rather than later.