President addresses Social Security solvency at town hall meeting
At a town hall meeting in Arnold, Missouri, on April 29, President Obama stated that he supports raising the income cap on the Social Security payroll tax as "the best solution" for addressing the federal entitlement program's long-term solvency problem. Taxpayers earning above the current income threshold, which is $106,800, can afford to pay a higher percentage of their income to support the Social Security system, according to the president. In his remarks, the president referred to the "102,000" threshold; however, that was the threshold for 2008.
The president pointed to a diverse group of federal lawmakers and policy experts that had participated recently in a White House summit on fiscal responsibility. He said the summit could serve as a model for finding a solution to stabilize the Social Security system in the long term.
President promises "unrelenting, unyielding effort" to turn economy around. Later that same day, President Obama, marking his first 100 days in office at a press conference, promised that his administration would make an "unrelenting, unyielding effort" to strengthen the U.S. economy and national security in the hundreds of days ahead. The president said that he "is pleased but not satisfied" with the action taken so far in addressing the many economic challenges facing the country.
Among the fiscal challenges ahead, Obama noted that long-term deficit projections are too high and that the federal government needs to be more efficient. He also made clear that new tax cuts or entitlement policies must be paid for and urged Congress to pass pay-as-you-go legislation. With respect to the federal budget, the president commended the House and Senate for passing a budget resolution earlier in the day that he said "builds on the steps we've taken over the last 100 days to move this economy from recession to recovery and ultimately to prosperity."
Source: Paula Cruickshank, CCH Washington Bureau Chief.
(Submitted May 2009)
<p>President addresses Social Security solvency at town hall meeting At a town hall meeting in Arnold, Missouri, on April 29, President Obama stated that he supports raising the income cap on the Social Security payroll tax as "the best solution"</p>
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