Lifting Payroll Tax Cap Won't Save Social Security

From Michael Tanner of the Cato Institute:

It was former President Bill Clinton who several years ago set out the limited options for Social Security reform: cut benefits, invest privately, or raise taxes.

Now, opponents of President Bush’s proposals for Social security reform have ruled out changes in benefits or private investment through personal accounts, their alternative is starting to emerge. It is the largest tax increase in American history.