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The Move to “Scrap the Cap”…A Contrarian View
It’s a popular notion that eliminating the Social Security taxable maximum would solve the program’s long-term funding shortfall. In fact, it would increase program revenue, but most economists point out that the severity of the problem is such that eliminating the cap would only be a partial solution, introducing offsetting problems economy-wide. Forbes’ editorial staff weighs in on the issue with a post on their website today labeling the recent bipartisan bill from Senators Elizabeth Warren and Bernie Moreno to “save” Social Security “dreadful,” and outlining views on the overall impact of this bill. Click here to read the Forbes article.
For additional background on this issue, check out this article posted here a few weeks ago.