John McCain, like Hillary Clinton, bailed out this year on proposing any specific solution to the Social Security crisis by saying he’d turn the problem over to another bipartisan commission to seek a solution.
So, in a way, he was being truthful July 27 when he said “everything’s on the table” in the Social Security debate. That was 20 days after he said, “I won’t” raise your taxes for Social Security.
In his mind, he’s not going to raise the taxes. He’ll let the commission do it.
A possible plan. By now, McCain knows enough about the numbers to propose a real solution to Social Security’s impending implosion. The solution will require raising taxes or cutting benefits. Borrowing is out. The federal government can’t borrow any more.
In fact, the reliable go-to for “borrowing” used to be the Social Security Trust Fund, but that’s been siphoned so regularly it has nothing -- zero dollars -- saved for the day, nine years away, when Social Security’s promised payouts will exceed its income.
Barack Obama is proposing raising payroll taxes on people making more than $250,000 year to help balance the Social Security budget. “You can't get something for nothing,” he said April 16 in Philadelphia.
Better than none. Obama favors exempting incomes from $102,000 to $249,999 from his new tax. That is a goofy exemption, meant to help sell the idea. But at least he has a real plan.