[kabar]

Ronald Reagan raised the cap on SS.

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.

[OldFriend]

Frankly, I'd be perfectly happy to see this President kick the social security can down the road for someone else to fix it.

The idea of using part of the money for personal investment accounts was a good idea. As always, the dems said NO. Let them deal with the problem.

[nopardons]

BTTT