TERRE HAUTE — Social Security is a success story, one that should be strengthened, not privatized, by lifting the federal payroll tax cap on earnings above $250,000, said Dean Baker from U.S. Sen. Barack Obama’s presidential campaign.
The proposed increase, possibly between 2 to 4 percentage points, would affect about 1 percent of taxpayers, Baker said Thursday at a “roundtable” campaign stop at Ivy Tech Community College, 8000 S. Education Drive.
Baker is national policy director for Obama’s campaign and co-director of the Center for Economic and Policy Research in Washington, D.C.
As baby boomers approach retirement, Baker said current projections show Social Security paying benefits though 2046 with no changes.
“The strength of Social Security at the end of the day is connected with the strength of the economy. One of the reasons we have 2046 as the date of a first shortfall is because so much money has gone to people at the high end,” Baker said.
“You are only taxed [for Social Security] on money earned under $102,000. Because more money goes to people at the high end, less is subject to the tax. If we adopt good economic policies that increase the wages of ordinary workers, you will have more money going to those in the middle and bottom [income levels] and that will improve the health of the [Social Security] program,” Baker said.
U.S. Sen. John McCain, the presumed GOP presidential candidate, said Thursday “everything has to be on the table” in discussing Social Security, according to a United Press International NewsTrack.
McCain has stated that Social Security should be supplemented with personal accounts. McCain in 2004 claimed that Social Security could not be preserved without privatization.
“Social Security is a success story,” Baker said. “The program is strong and Sen. Obama proposes to make it stronger. Republicans say it is on its death bed, and that is not true.
“Retirement savings is the issue. Social Security is what is working. What is not working is our pensions with fund benefit plans as companies go away or companies get out of them,” Baker said.
Thursday marked the 73rd anniversary of the signing of the federal Social Security Act of 1935. State Rep. Clyde Kersey, D-Terre Haute, and Evansville Mayor Jonathon Weinzapfel spoke before Baker, each supporting Obama’s Social Security plan.
Baker said Social Security is efficiently run, as administration costs for Social Security requires six-tenths of 1 percent, while estimates from 2005, when President Bush sought private investments accounts, showed such costs at 5 percent from a private system, Baker said.
“It is a guaranteed benefit, we don’t have to worry that the stock market is down. Here we have Social Security, that is a well-run, long-established system and people don’t miss their check,” yet Baker said suggestions have been made that Social Security “money be given to the same people who gave us the sub-prime mess. That doesn’t make a lot of sense to me,” Baker said.
n Before those discussions, Karen Henderson, director of marketing and communications at Ivy Tech, voiced concern to the Tribune-Star about the meeting. In a statement, Henderson said, “The College is a public body of the state of Indiana and has no official or unofficial support of any political party or candidate nor does it engage in political activities. In addition, college policy states: ‘non-employees are not permitted to solicit, nor distribute or post materials, without the permission of the chancellor or designee. Report all such activity to the appropriate regional administrative office’.”
Henderson added that, “Information provided to Ivy Tech Community College – Wabash Valley Region was that this event, ‘Indiana Campaign for Change,’ was hosted by the Democratic Party. It was described as a panel discussion for ‘invitees only.’ There was no mention of the media being invited to the event.”
Jonathan Swain, Indiana communications director for Obama’s campaign, said the meeting was meant as a public forum and “that the location in no way suggests the support for any particular candidate or campaign. We were looking for a public venue to hear public discussions.”
Swain said it was communicated to Ivy Tech that it was an event for Barack Obama’s Campaign for Change. “That was communicated. If there was some miscommunication, we certainly apologize for that,” he said.
Howard Greninger can be reached at (812) 231-4204 or howard.greninger@tribstar.com
Local & Bistate
Obama adviser talks Social Security
- Local & Bistate
-
-
Packing the hall
If you didn’t come early, the seats were hard to find.
-
Alternative-fuel project has Rose, ISU students all charged up
The future of Earth’s auto industry is intertwined with the career prospects of local university students, and a world-class team shined with green energy Sunday.
-
Montford Point Marine
In 1943, 19-year-old Ezell Odom was on the sandy beach of a tiny South Pacific island about 7,000 miles from his parent’s home in Terre Haute.
-
K-9 officer Shadow honored as a hero
A Terre Haute K-9 officer injured in the line of duty has been honored as a hero by the Indiana Veterinary Medical Association.
-
Freezin’ for a Reason
Hundreds lined up outside Hulman Center amid frigid air to participate in a warm-hearted cause.
-
Even as law, right-to-work dominates crackerbarrel
The flames of the right-to-work debate were gone, but the coals still seemed to smolder.
-
Vigo School Board to give OK on bonds for DeVaney project
The Vigo County School Board will meet at 6 p.m. Monday in the administration building, 686 Wabash Ave.
-
Bridging the gap to ‘forever’
They can be taken from their homes by strangers for reasons they may not understand, with no possessions other than the clothes they are wearing.
-
Students showcase keen problem-solving skills at Rose-Hulman
For the 16th straight year, Honey Creek Middle School students came out on top in the Wabash Valley MATHCOUNTS competition at Rose-Hulman Institute of Technology.
-
Ivy Tech to celebrate Black History Month
Ivy Tech Community College will celebrate Black History Month with a series of events at its campuses statewide.
-
Whitney Houston, superstar of records, films, dies
Whitney Houston, who ruled as pop music's queen until her majestic voice and regal image were ravaged by drug use, erratic behavior and a tumultuous marriage to singer Bobby Brown, has died. She was 48.
-
Giant welcome home for Steve
Terre Haute was suddenly home to thousands of cheering New York Giants fans Friday as residents welcomed Super Bowl champion Steve Weatherford back home for a parade.
-
‘One for Terre Haute,’ Steve tells crowd at North
“This one was for Terre Haute,” native son Steve Weatherford proclaimed Friday as he shared his Super Bowl victory with the community that helped send him on the path to a world championship.
-
Hometown support vital to success, Weatherford says
Steve Weatherford said Friday he wouldn’t be celebrating a Giants’ Super Bowl victory if not for the support he’s received from his hometown, his parents and mentors in his life.
-
Craning for a rare glimpse
A visitor from the Far East has naturalists flying to Linton, hoping some good comes from one bird’s bad directions.
-
Vigo’s primary election filings complete
The slate is set for the May 8 primary election, with the race for three at-large seats on the Vigo County Council drawing the largest pool of candidates at the county level.
-
Documentary on electric vehicles plays Sunday at Rose
The rising popularity of electric vehicles and their impact on the world eco-system is the focus of a documentary, “Revenge of the Electric Car,” being presented at 3 p.m. Sunday in Rose-Hulman Institute of Technology’s Hatfield Hall Theater.
-
Man gets 10-year sentence in battery case
A West Terre Haute man received a 10-year prison sentence Friday after pleading guilty to aggravated battery for beating a friend caught in bed with the man’s wife.
-
Asian hooded crane lands in Greene County wildlife area
Bird watchers are flocking to a southwestern Indiana wildlife area to try to catch a glimpse of a crane usually spotted only in Asia.
-
Slow drips: It’s maple syrup season in Indiana
More seasonal, colder temperatures will hit the Wabash Valley this weekend, which is ideal weather for maple syrup production, said Keith Ruble, superintendent of the Vigo County Parks and Recreation Department.
However, Ruble voices concern that this year’s maple syrup season may be short.
-
Downtown restaurant celebrates expansion
The streets of Terre Haute were chilly Thursday night, but for the glow of hot pasta inside Louise’s Pizzeria and Cafe.
-
Contract signed for new Y
Papers are signed and the ink is in place for a new YMCA to operate in Terre Haute.
-
City to impose $30 release fee on towed vehicles
The Terre Haute City Council voted without opposition Thursday to impose a new $30 release fee on vehicles towed and impounded by the police as part of a criminal investigation.
-
Valley educators cautious on Indiana’s ‘No Child’ waiver
Indiana is one of 10 states to receive a waiver from federal No Child Left Behind requirements.
-
Driver dies after Illinois school bus crash
“Brace yourself. Brace yourself,” Fay Pickering shouted to her students just before the school bus she was driving crossed U.S. 40 and landed in a ditch Thursday morning.
-
Trial date set for former WTH police chief
A July 23 trial date has been set for a former police chief of West Terre Haute accused of theft.
-
Motorcycle gang member pleads guilty in federal court
A member of an Indianapolis motorcycle gang who delivered methamphetamine to a Terre Haute dealer has pleaded guilty to drug charges in federal court.
-
July trial date set for mother charged with child neglect
A July 30 trial date has been set for a Terre Haute mother charged with neglecting and battering her toddler.
-
Business hosting SPPRAK fundraiser
Java Haute is hosting the latest fundraiser sponsored by SPPRAK — Special People Performing Random Acts of Kindness.
-
Valley high school cooking competition under way today
Clabber Girl Corp. and Gordon Food Services will host the fourth-annual High School Chef Competition, beginning today through Saturday, and again Feb. 18, in the Culinary Classroom at Clabber Girl.
- More Local & Bistate Headlines
-
Raw Video: Greek Rioting Ahead of Austerity Vote
Pop Music Superstar Whitney Houston Dies at 48
Raw Video: Whitney Houston's Last Performance
Coroner: Houston Autopsy Results Weeks Away
Reaction to Houston's Death at Clive Davis Party
Whitney Houston's Church Mourns Her Passing
Police: Houston Found Dead in Her Hotel Room
Raw Video: Child Rescued After Kosovo Avalanche
Severe Cold Wreaks Havoc in China
Fans 'Speechless' Over Houston's Death
Fuel Removal Under Way on Capsized Italian Ship
79 Turtles Seized at Shanghai Airport
Snow Strands Italian Towns
Recording Superstar Whitney Houston Dead at 48
Video of M.I.A's Obscene Halftime Gesture
Paul Suffers Narrow Loss to Romney in Maine
Palin Brings Anti-Washington Message to CPAC
Raw Video: Deadly Blasts in Syria
Stocks Fall Sharply As Greek Deal Is Held Up
Raw Video: Italy's Mount Etna Bursts Into Life
Exclusive Video: Bobbi Kristina Leaving Hospital
2012 Grammys: Rihanna
Raw Video: Aurora Borealis As Seen From Space
2012 Grammys: Taylor Swift
Exclusive Video - Whitney's Bodybag
FUEL TV: Punk Payback Gym tips
Whitney's Final Days - EXCLUSIVE
First glimpse of Blue Ivy Carter
Lusetich: AT&T Rd. 3 recap
Peek inside Barbie's closet
Romney Tops Santorum in CPAC Straw Poll
Madonna's Daughter Shaves Head
Angry Dad Shoots Teens Laptop
Absolute Lin-sanity
5 Killed in Wrong-way Crash on I-10 in La.
Test on Comforter in Powell Unit Shows Blood
Hero Driver Saves Kids From Burning Bus
Funeral to be held for Powell boys
