On Jan 8, 2008, at 4:41 PM, Max B. Sawicky wrote:
> I like some kind of cap, though it should be indexed and rise
> gradually over time. The reason is to support the social insurance
> rationale for the program.
A smart person told me long ago - though I haven't fact-checked this myself - that the Congressional debate on SS made it clear that it was supposed to be financed by labor and not capital. Since incomes above a certain level are conceptually returns to capital, that's the logic behind the cap. You support this, Max?
Doug