Elizabeth Warren's response to Third Way Criticisms: 'Oh Please'

[99th_Monkey]

138. 86% reduction of SS deficit is not bad.

Social Security’s actuaries project that eliminating the cap would reduce the system's deficit at the end of the 75-year horizon by 86 percent if workers with earnings above the current cap were not credited for any of the additional taxes they paid. Social Security's deficit would decline by nearly 70 percent after 75 years if it increased benefits for high earners (figure 1).

Above text is from same page as graph you posted: http://www.urban.org/retirement_policy/sstaxableminimum.cfm


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I'm not sure what you refer to as a "scam", but Bernie Sanders is convinced that lifting the cap completely resolves any perceived SS deficit for the next 75 years. and I believe him, and support his bills to do that.

Bernie Sanders Introduces Bill To Lift The Payroll Tax Cap, Ensuring Full Social Security Funding For Nearly 75 Years
BY ZAID JILANI POSTED ON AUGUST 25, 2011
http://thinkprogress.org/economy/2011/08/25/304387/bernie-sanders-introduces-bill-to-lift-the-payroll-tax-cap-ensuring-full-social-security-funding-for-nearly-75-years/

And Bernie's not the only one:

Time to raise - or scrap - the Social Security payroll tax cap
http://www.reuters.com/article/2014/04/15/us-column-miller-idUSBREA3E1HC20140415

Scrapping the Social Security payroll tax cap
http://thehill.com/blogs/congress-blog/economy-budget/204996-scrapping-the-social-security-payroll-tax-cap

Raising payroll tax cap is the best fix for Social Security
http://www.dailykos.com/story/2013/04/12/1201361/-Raising-payroll-tax-cap-is-the-best-fix-for-Social-Security#