I don't usually write about politics as it can be such an inflammatory subject. But Senator Mark Begich of Alaska has come up with a great idea for extending the life of our broken Social Security system. I think that is something we can all get behind! He will be introducing it to the Senate during this coming lame duck session, and I will be contacting my Senators asking them to support him. I am hoping that some (in my wildest dreams - all) of you will do the same.
His proposal is called Protecting and Preserving Social Security Act. The text of it can be found here. Very basically, it proposes to remove the $110,000 income limit on FICA tax contributions. This would only raise taxes for approximately the top 9% of earners in this country, and in return for that they will be able to collect higher Social Security benefit payments after they retire. This one change would keep Social Security solvent until at least the year 2085!
There is a second element of the Act asking for a change in the way we compute the SS cost-of-living increases each year (you can read it in the first link). This is a good and fair request, but if it has to be used as a bargaining chip/compromise to get the rest of the bill passed, that would be okay with me.
In 2010 the Congressional Research Service (non-partisan) studied what effect such a change could have for this country. If you would like to read that study, here it is. It's pretty long and detailed, but written in plain enough language that it is easy to read.
How can you help? Contact your Senators and ask them to support this bill when Sen. Begich brings it up on the floor of Congress, or even for them to approach him before then and co-sponsor it. Here is a list of U.S. Senators and their contact information.
OK guys, I promise, that was my only public service announcement for the year. Thanks for listening. If you agree with this cause, I hope you will help it's passage. The power of The People is strong!