A New America Foundation study is not calling for Social Security to be cut back but to double it. With the crash of private pensions, homeownership and personal savings in the footsteps of this Republican Great Recession, Social Security becomes central to the historic "three-legged stool" of American retirement security. Yet Social Security now only brings in only a about a third of the money needed for retirement. This study recommends doubling social security payments, and funding it by lifting the cap so millionaire banker, who right now pay a paltry 1%, pay the same 12.4% that a carpenter or firemen does. Add to that a social security tax on billionaire hedge fund managers and others who make their living through sitting on their butts, around the pool, waiting for the interest or dividend check to arrive in the mail, and you can not only double current social security payments, but the system is solvent forever.
Don't Take Away Social Security - Double it Instead!
Aug. 18, 2010 7:11 am