Heard on MPR
A couple of programs in the past 6 weeks on MPR have mentioned the financial mess of our country. Like what else are they talking about ad nauseoum? I listen because I prefer it to the other radio choices which are poor to very poor.
Every once in awhile some very interesting bits of information come out of my kitchen radio. Usually it is stuff that if we stop and think about it, we should know already, but most of us never expand our minds that far. First tidbit was presented by an economist. One of the big reasons why the Social Security Trust Fund is losing money is because of the fact that a lot of people's salaries have surpassed the $170,000 per year cap at which they are to contribute to the fund.
He mentioned the percentage of wage earners 30 years ago who made $170,000 or over and the percentage today. The increase has been tremendous. With my hands in the bread dough, I did not get a chance to write it down. Naturally with fewer people contributing, there is less money. Makes sense.
Recently another economist stated that raising that cap to $180,000 of income would stabilize the trust fund for another 70 years. Seems like a no brainer. However, it also seems like Congress has no brains! end