Friday, May 1, 2009

Obama Favors Increasing Cap to Protect Social Security

This snippet comes from the Alliance for Retired Americans:

In Arnold, Missouri on Wednesday, President Obama said that raising the payroll tax cap is the "best way" to secure the retirement program's future. While stating his preference for raising income levels over reducing benefits, Obama also rejected increasing the retirement age, noting it as a burden for older workers. Calling Social Security a "solvable problem" and refuting the idea that the system will go bankrupt, the President suggested he might hold another White House summit to deal with the issue. "After eight years of focus on a privatized Social Security tied to the roulette wheel of the stock market, it is refreshing to hear ideas that are truly aimed at protecting Social Security," said Ruben Burks, Secretary-Treasurer of the Alliance.