Barack Obama on Social Security
Democratic presidential hopeful, Sen. Barack Obama, D-Ill., greets seniors after speaking at Huntinton Terrace Assisted Living Community in Gresham, Ore., Sunday, May 18, 2008
It is pandering to the old folks but it is effective. Let’s look at Obama’s proposals:
But Senator McCain’s campaign went even further a few weeks ago, suggesting that the best answer to the growing pressures on Social Security might be to cut cost-of-living adjustments or to raise the retirement age. I think there is another option that is fairer to working men and women. We have to protect Social Security for future generations without pushing the burden on to seniors who have earned the right to retire in dignity.
Here’s my plan. Right now, the Social Security payroll tax only applies to the first $102,000 a worker makes. I think the best way forward is to adjust the cap on the payroll tax so that people like me pay a little bit more and people in need are protected. That way we can extend the promise of Social Security without shifting the burden on to seniors. And we should include what’s called a “donut hole†to make sure that this change doesn’t ensnare any middle class Americans.
Obama is proposing a tax increase and John McCain has proposed the pain of reduced benefits to senior citizens.
Who do you think will win the favor of voters?
In reality, a non-partisan commission will have to propose some tax increases and benefit equity/reductions in order to assure the system remains financially solvent. Neither party will want to deal the disfavor to voters.
But, note how Obama paints McCain with the unpopular George Bush brush again and the weak McCain response.
“Barack Obama’s response to our slowing economy is to raise taxes on job creating investment. His response to high gas prices is to raise taxes on oil. With his lack of experience, it should be no surprise that Barack Obama’s response to the problems facing Social Security is to raise Social Security taxes, while making mis-informed partisan attacks. His proposal for billions upon billions in tax increases on Social Security is just another example of his weak economic judgment. John McCain has been clear about his belief that we must fix Social Security for future generations and keep our promise to today’s retirees, but raising taxes should not be the answer to every problem.â€
Advantage Obama.
Most senior voters will accept a higher payroll tax cap of a tax increase when threatened with a reduction of their benefits.
McCain will have to counter with a “VIABLE” plan to “SAVE” Social Security or Obama and the Democrats will demagogue him to defeat.
3 Comments
Matt
And this my friends is why I despise the AARP.
It is reassuring to know that Obama considers me rich. However, I am starting to think that if he gets elected and can actually follow up on these ideas he will be able to tax me back down to what he considers middle class.
Matt
Flap
Everyone earning a modest living will see an increase in taxes under an Obama Administration. Tax and redistribute are the hallmarks of the Democrat Party.
Should the Democrats win the Presidency and maintain their majority in the Congress, the tax increases will come fast and furious during Obama’s first 100 days in office.
Dan Clements
This is Constitution Party presidential nominee Chuck Baldwin’s stance on SS:
The Constitution grants no authority to the federal government to administrate a Social Security system. The Constitution Party advocates phasing out the entire Social Security program, while continuing to meet the obligations already incurred under the system. Until the current Social Security system can be responsibly phased out, we propose that:
• The Social Security tax is not a “rainy day” fund which politicians can pirate, or from which they can borrow to cover their errors and pay for their excesses.
• Individuals who have contributed to Social Security be allowed to withdraw those funds and transfer them into an IRA or similar investments under the control of the individual contributor.
• Any sort of merger between the U.S. Social Security System and that of any foreign country must be banned, so the distribution of benefits will not go to persons who have not qualified for payments under American law as legal residents.
• Earning limitations on persons aged 62 and over be removed, so that they may earn any amount of additional income without placing their benefits at risk.
• Those provisions of the Social Security system which penalize those born during the “notch years” between 1917 and 1926 be repealed, and that such persons be placed on the same benefit schedules as all other beneficiaries.
We support the right of individuals to choose between private retirement and pension programs, either at their place of employment or independently.
We need to start to reign in this out of control government and neither McCain nor Obama are willing to do this!
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