Cap Couple’s Benefits At $100,000 Per Year?

      From a Washington Post editorial:

With the federal government $39 trillion in debt and running deficits larger than during the Great Depression, there’s no reason that the largest federal spending program should be sending six figures in annual benefits to rich people. Yet that’s exactly what Social Security is set to do.

Starting this year, the Social Security benefits formula gives the very highest-income couples who retire at age 67 over $100,000. While few will receive that now, their numbers will only increase as time goes on and the formula, which raises benefits faster than consumer price inflation, keeps boosting payments.

Though it won’t fully address the program’s long-term sustainability, capping benefits for the richest seniors would help restore sanity to a program millions of Americans depend on. The Committee for a Responsible Federal Budget is proposing what it calls the “Six Figure Limit” to ensure that no couple who retires at the normal age receives over $100,000 in annual benefits. …