SS fix is simple

I agree with Obama here. This fix for Social Security would be very simple. We've seen that Congress has a hard time with complex issues like health care, how about something really simple? Perhaps it's time we took back some of that money that the ultra-rich got in Bush tax cuts?

Obama: Social Security fix would be simple

Fri Feb 19, 9:52 pm ET

HENDERSON, Nev. – President Barack Obama says Social Security is slowly running out of money but that it can exist well into the future with a slight fix.

The system is funded with a tax on earnings, up to $109,000 a year. Obama says lifting that cap to tax a larger share of income would be one way to extend the system of monthly payments for retirees. It also would be unpopular with some. (a very small, powerful minority. boo hoo)

Without an adjustment, Obama said Social Security will start to run out of money in about 20 years as more people begin collecting benefits.

Obama spoke Friday at a town-hall meeting in Henderson, Nev., the home state of Senate Majority Leader Harry Reid. Republicans are targeting Reid for defeat in November's midterm elections.

The original is here. I understand that if we increased income taxes by 5% ONLY ON INCOMES OVER $1,000,000 that we could generate $300 billion/year.