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View Diary: Obama pushes chained CPI in town hall meeting (358 comments)

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  •  and this diary completely ignores (1+ / 0-)
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    the fact that he endorsed the most logical thing we can do -- raise the cap!  in the specific case of Williard M. Romney!

    "This world demands the qualities of youth: not a time of life but a state of mind[.]" -- Robert F. Kennedy

    by Loge on Thu Aug 18, 2011 at 01:06:55 PM PDT

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      •  He doesn't want to raise the cap. He just cut 2% (1+ / 0-)
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        going into SS this year with the payroll tax holiday.  Now he wants to extend it another year.  There is no way he will raise the cap....that will only make SS more untouchable.  If SS begins getting less money it then becomes unstable and then gone.  It has $22T in it now.  Obama's Wall Street friends want it in the market!

    •  He actually side-stepped two related issues (4+ / 0-)

      What the questioner seems to have wanted to ask was, "Why not raise the cap, so that people earning more than $107,000 will have to pay their fair share?"  (There actually are people with salaried jobs that pay more than $107,000, sometimes a lot more.)

      However, the questioner shouldn't have used Mitt Romney as an example, because Romney ("I'm unemployed, too") like most other extremely wealthy Americans, doesn't have any earned income.   There is no -- zero, zilch, nil, nada -- social security tax collected on "unearned income" like interest, dividends, and capital gains.

      As Warren Buffet explained,

      The mega-rich pay income taxes at a rate of 15 percent on most of their earnings but pay practically nothing in payroll taxes.

      "Payroll taxes" means things like Social Security and Medicare.

      We must drive the special interests out of politics.… There can be no effective control of corporations while their political activity remains. To put an end to it will neither be a short not an easy task, but it can be done. -- Teddy Roosevelt

      by NoMoJoe on Thu Aug 18, 2011 at 01:37:41 PM PDT

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      •  he didn't answer a question that wasn't asked? (0+ / 0-)

        taxing carried interest as ordinary income probably would carry with it an obligation to pay FICA, but I don't know the specific details of the various proposals.  Capital gains seems like a different issue.

        "This world demands the qualities of youth: not a time of life but a state of mind[.]" -- Robert F. Kennedy

        by Loge on Thu Aug 18, 2011 at 01:43:38 PM PDT

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    •  Here's what he said about raising the cap: (1+ / 0-)
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      " I think there's a way for us to make adjustments on the Social Security tax that would be fairer than the system that we use right now."

    •  It didn't sound like he endorsed it. It sounded (0+ / 0-)

      nebulous at best.  

      United we stand - Divided we are all truly screwed. Keep them blaming one another - they'll never notice what's really going on.

      by Cassandra77 on Thu Aug 18, 2011 at 02:22:20 PM PDT

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    •  There's No Reason To Use (0+ / 0-)

      Chained CPI to measure inflation for Social Security benefits unless President Obama wants real cuts in benefits.  

      There's even less reason for cuts in Social Security benefits if you raise the income cap.  Also, too, it only covers about 85% of wage income whereas the Greenspan Commission's recommendation is about 90%.

      By the way, President Obama isn't being exact.  The 2011 income cap on Social Security taxes is $106,800.  

      If I was a communist, rich men would fear me...And the opposite applies. The history of all hitherto existing society is the history of class struggles.

      by stewarjt on Thu Aug 18, 2011 at 03:24:33 PM PDT

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      •  he also didn't use the words chained cpi (0+ / 0-)

        i like the idea of using different CPIs for some benefits but a senior specific one for SS.  If Chained CPI is a more accurate measure of consumer behavior, that's its own justification, but as applied to seniors it could be less accurate still.  Anyway, it's only a cut depending on what you use as your default.

        "This world demands the qualities of youth: not a time of life but a state of mind[.]" -- Robert F. Kennedy

        by Loge on Thu Aug 18, 2011 at 03:41:39 PM PDT

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