A made-up crisis
The writer of the April 12 letter “Eliminate the cap” suggested a simple solution to the “financial crisis” facing our Social Security system: eliminating the cap on our Social Security (FICA) tax so that all earned income would be taxed fairly.
If a fix is needed, that would be a good idea, since earnings above $113,700 now are taxed at a far lower rate than earnings below that cap.
But Social Security’s “financial crisis” is a myth. According to the Center on Budget and Priorities, our Social Security program always has collected more than it pays out, and the Congressional Budget Office has predicted that while the surplus has slipped a bit since 2010, it expects it to rebound and reach $139 billion by 2015.
It’s not too late to tell Sens. Kay Hagan and Richard Burr to leave our Social Security alone. If budget cuts must be found, let them come not from self-supporting programs such as Social Security but from such wasteful programs as the F-35 fighter plane, a flawed and obsolete boondoggle that will cost taxpayers more than $1.5 trillion!
Planes and profits shouldn’t be more important than people!