Graph of the Day

Here's how we save Social Security -- in convenient graph form.

Blam! Problem solved. Repeal the Bush tax cuts for the top earners and direct the savings into Social Security. Now imagine removing the income cap on the payroll tax, too.

  • Politicalpartypooper

    It seems pretty simple, doesn’t it? All we’ve heard for the last decade is how the Boomers are going to break Social Security. In reality, without those tax cuts, SS was not in danger, so long as we could keep our elected officials from continuously raiding the surplus.

    Repealing those tax cuts should have been easy. Republicans needed Democrats to betray their principals, in order to extend them, and that’s what happened. It was politics over the common interest, once again.

    There is another way to skin this cat, though. Since repealing these tax cuts is so onerous to Republicans and certain Democrats, why not begin to systematically close tax loopholes that allow the wealthy to avoid even the ridiculous low rates they have today? I can show you twenty different ways to reduce a tax rate of 35%. Furthermore, it’s ridiculous to allow people like me, who earn much of their living on Capital Gains, to pay a 15% tax rate. This one tax rate should be the easiest rate to change, and explain to the American people, considering that it mostly involves the people who work on or alongside Wall Street.

    Closing tax loopholes is ALWAYS popular with the people…except, of course, the wealthy. Even many so-called conservatives want some of these loopholes closed. But for this to work, the President is going to have to get out in front of the people, make his case, and stay in front of the people until he has their support.

    Maybe attacking the tax rates of the wealthy is too politically dangerous for certain Democrats right now. The wild rhetoric of the Right certainly seems to be effective in stirring up their small but loud base. But I think using a different tactic, such as going after loopholes, might be a solid end-around on the problem.

    Of course, near full-employment will have a large impact on the solvency of SS. They say it in Sports and I’ll say it here: winning solves a lot of problems. Getting people back to work more quickly, and with a plan to grow more high paying jobs, will be a win that Repubs can’t deny. It can’t happen quickly enough, at this point.

  • MrDHalen

    Bob, that chart above consist of “Facts”, and Facts & The GOP don’t mix very well. Please provide another graph written with pixi dust and crayons on a hundred dollar bill and then show it to Republicans. At least then you have a 50/50 shot they won’t ignore it.