Wednesday, July 09, 2008

Social Security and the Candidates

dday writes about John McCain calling the way Social Security works a disgrace. "Americans have got to understand that we are paying present-day retirees with the taxes paid by young workers in America today. And that's a disgrace. It's an absolute disgrace, and it's got to be fixed." And it wasn't just a mistake, he said it again. Personally I'd love to hear the rest of McCain's quote. Here is a bit more.

Todd Gitlin wonders why the media isn't writing about it but this Washington Post article does discuss what the two candidates are saying they'll do about Social Security. In this case it does seem McCain=Bush, with a talk about working with Congress and private accounts (note how the market is doing now). Obama wants to raise taxes 4% on income over $250,000 split between the employee and employer. 4% on income over a quarter of a million dollars to help all retirees. Which seems more reasonable?