President Obama’s weekly address today discussed his plans for an economic stimulus plan – it’s needed to help get people back to work quickly. Obama says that the process of rebuilding and retrofitting America is needed ASAP – skeptics are invited to hold him accountable. See YouTube Link to address now.
On the White House web site, the framework for the new president’s policies on Social Security are set out. Obama “will be honest with the American people about the long-term solvency of Social Security and the ways we can address the shortfall.” They will protect Social Security benefits for current and future beneficiaries alike, and they do not believe it is necessary or fair to hardworking seniors to raise the retirement age. Obama and Biden are strongly opposed to privatizing Social Security. As part of a bipartisan plan that would be phased in over many years, they will ask those making over $250,000 to contribute a bit more to Social Security to keep it sound. Obama does not support uncapping the full payroll tax 12.4 percent rate. Instead, he and Joe Biden are considering plans that will ask those making over $250,000 to pay in the range of 2 to 4 percent more in total (combined employer and employee).