Bush Still Wants To Cut Social Security

From the Associated Press:

The Bush administration said Monday the only way to permanently fix Social Security is through some combination of benefit cuts and tax increases.

That was one of the key findings in a new paper on Social Security released by the Treasury Department in an effort to achieve common ground on the politically explosive issue.

"Social Security can be made permanently solvent only by reducing the present value of scheduled benefits and/or increasing the present value of scheduled tax increases," the paper said. The Treasury paper said that while other changes to the giant benefit program might be desirable "only these changes can restore solvency permanently."

I do not understand why the Bush Administration says benefit cuts are necessary. My understanding is that simply removing the cap on earnings that are subject to the FICA tax takes care of 93% of the problem and does not affect most wage earners. Take a look at the "Social Security Game" put out by the American Academy of Actuaries and make your own choices.