by Robert Reich:As if you didn’t already have too much to worry about, Social Security’s funds

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are running low. That’s because people are living longer than ever, and thereby drawing more Social Security; boomers are retiring at a rate of around 10,000 per day, and essentially will be doing so through 2030; and Social Security's investment holdings aren't earning much interest thanks to the Federal Reserve, which has kept interest rates low.

How to fix Social Security? You’ll be hearing lots from Republicans and conservative Democrats about raising the age of eligibility (a bad idea that hurts the poor – because the poor don’t live nearly as long as the rich), or reducing benefits overall (also regressive), or raising the Social Security tax (also regressive). The best idea is to raise the payroll tax cap on earnings.

This year, income up to $118,500 is subject to the Social Security payroll tax. The average household earning around $51,000 this year will pay Social Security payroll taxes on every single dollar. But a multi-millionaire pays only on the first $118,500 of income. Only around 10% of the population is earning in excess of $118,500 annually, so raising the cap would only affect a small percentage of the population.

I say eliminate the cap altogether, and use the extra funds not only to save Social Security but expand it.
What do you think?'

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