Thankfully, Geoge W Bush is NO Ronald Reagan.
The cap is raised every year. Contribution and Benefit Base It is tied automatically to the average wage index. This predates Reagan. In 1981, it was $29,700; 1990, $51,300; 2000, $76,200; and in 2007 it will be $97,500.
Reagan signed in 1983 the infamous P.L. 98-21, (H.R. 1900), which raised the retirement age, reduced benefits, and some SS taxes. If you recall, SS was paying out more than it was taking in and therefore there was a crisis. Tip and RR struck a deal that was supposed to fix this Ponzi scheme for 70 years. It didn't work. We will be in the same position in 2017, only in worse shape because of the baby boom cohort retirement.
The Bushbashing here has now become incessant and the Reagan mythographers here, either never knew or have completely forgotten what Reagan did ad president! They need to be constantly reminded of what Reagan REALLY did and did NOT do. For them, he is their fairy tale prince, who never did anything but what they delusionally imagine.