Adviser Discusses Obama’s Social Security Plan

October 17 - Writing Wednesday in the Des Moines Register, Obama economic advisor Jason Furman reaffirmed Obama's strategy for reforming Social Security: He writes that: "Obama is confident that we can come together to find a workable solution. He believes that one strong option to improve Social Security's long-term solvency is asking people who earn more than $250,000 to pay a little more into the system."
Obama has said in the past that he would create a new tax on those earning over $250,000 that would be between two and four percent of payroll (split between employer and employee). The tax would supplement the current 12.4 percent Social Security payroll tax that levied on the first $102,000 in wages.
Furman also noted that Obama "will not raise the retirement age or reduce Social Security benefits," and that he "strongly opposes" Social Security privatization.