Harold Ford has it wrong

Bolo Boffin tells us how Democrat Harold Ford of Tennessee is mistaken about Social Security.
Congressman Ford has a Dream:

I dream of the day when a little girl living in a public housing community in my district can come home, and flip on the TV, and know when she sees a FedEx commercial, that not only does FedEx employ the most people in her district, but that she also owns stock in companies like FedEx, and she has a financial stake in how well the company's doing. That she will know the harder she works, the more likely she'll have something to own -- to be able to point to a part of America that is hers, and not just lean on America to give her something.

But Congressman Ford's dream is flawed.

Not just lean on America to give her something."

Mr. Ford: Social Security benefits are not "leaning on America to give us something." We pay in for today's retirees, and when we retire, tomorrow's workers pay in for us. You're a Congressman, you should understand the difference.

"Well, right now we only have 3 workers supporting every retiree..." Yes, and the program's running a surplus.

There is a simple fix to this program that extends Social Security's solvency into the next century: eliminate the ceiling on Social Security taxes. Currently Social Security taxes are paid on the first $87,000 of yearly wages. In 2005, that ceiling lifts to the first $90,000.

Get rid of the ceiling. That isn't changing the rate, and that's not a new tax. But the money raised from this one simple fix will completely fix Social Security for generations to come.

Let Harold Ford know he's wrong.