O'Malley's Social Security plan is bold, progressive.

[exboyfil]

1. Some issues with the plan

The first is that their should be no notch in contributions. Stopping after $117K and then picking up withholding again after $250K. The income in the middle range is needed for S.S. stability, and it is frankly not fair to exclude it. Right now the system is supported on the backs of those making approximately $50K-$117K (inflation adjusted) for their careers. I propose the implementation of a fourth tier of contributions with the benefits calculated at 1% of that tier (currently the three tiers are 90%, 32%, and 15%). I could be convinced to let the income between $117K and $250K fall under the 15% calculation depending on how the numbers break.

The general fund will need to find $150B/yr for the next 20 years approximately (starting in about 3 to 4 years) to meet the obligations that the Trust Fund holds in Treasuries. Any cap removal and discussion of additional benefits needs to recognize this issue.

I am totally behind expanding benefits to guarantee a minimum income of $15K/person (up from about the $10K right now).

I don't agree with increasing benefits for all retirees. Frankly there is not enough money available to do this. I am not entirely sure you can project the implications of a minimum wage increase to $15/hr. I can see lots of jobs that are currently $10/hr going to automation if the salary is increased by a 1/3. I am in favor of the change, but the implications will need to be recognized.