You do understand that the SS benefits are not proportionate to the taxes paid, right ? So the guy that hit the cap gets back much less per dollar in SS taxes than somebody below the cap ?
What Obama is talking about is raising taxes on those people currently above the cap, even though they will get no additional SS benefits at all. That means the high earner will just ge screwed even worse than he is now. The middle-wage earner gets a pretty good rate of return out of SS — about equal to a 7% investment. The high-wage earner can expect a return of less than 2%. Remove or raise the cap and the high-wage earner will have a negative rate of return.
You do understand right now the rich get to invest everything over the cap in much higher interest earning funds than the poor slob middle-class grunt who never reaches the cap. You also understand that the poor slob can't opt out like teachers and government employees. And, we all agree those on the dole only take but never give. So as it stands right now, the middle class slob pays the bulk of social security with a return that sucks on a good day. Let's be honest. Social security is a way to shift money from the working middle-class to the idle poor. Drunks, fake disabilities, druggies are all collecting disability out of SS. So, I say sting the rich and lets get those who opt out as well if we can. Maybe then enough people will raise a big enough fuss to kill SS. Until then, the rich can kiss my ass.