Tags: US | Obama | Social | Security

Obama Says Slight Fix Will Extend Social Security

Friday, 19 Feb 2010 04:09 PM

President Barack Obama says Social Security is slowly running out of money but that it can exist well into the future with a slight fix.

The system is funded with a tax on earnings, up to $109,000 a year. Obama says lifting that cap to tax a larger share of income would be one way to extend the system of monthly payments for retirees. It also would be unpopular with some.

Without an adjustment, Obama said Social Security will start to run out of money in about 20 years as more people begin collecting benefits.

Obama spoke Friday at a town-hall meeting in Henderson, Nev., the home state of Senate Majority Leader Harry Reid. Republicans are targeting Reid for defeat in November's midterm elections.

© Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
1Like our page
2Share
Economy
President Barack Obama says Social Security is slowly running out of money but that it can exist well into the future with a slight fix.The system is funded with a tax on earnings, up to $109,000 a year. Obama says lifting that cap to tax a larger share of income would be...
US,Obama,Social,Security
124
2010-09-19
Friday, 19 Feb 2010 04:09 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved