Time For a Real Solution to Social Security

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On the one hand, it’s good that President Obama recognizes the need to reform Social Security. On the other, it's strange that he continues to advocate the same discredited idea as a "solution."
 
Here’s the Bloomberg report from a recent town hall in Missouri:
 
Answering questions from the audience, Obama repeated his stance that subjecting higher incomes to the Social Security payroll tax is the “best idea” for protecting the government retirement insurance system’s financial health. Making the wealthy “pay a little more payroll tax” is preferable to cutting Social Security benefits or raising the retirement age, Obama said.
 
The tax currently is applied to all income up to $102,000 a year. Obama proposed subjecting income above $250,000 to the tax -- though at a lower rate -- to keep the system solvent.
 
Despite the hopeful tone, the Obama proposal would do almost nothing for the solvency of Social Security.  Andrew iggs, a former deputy commissioner of the Social Security Administration, pointed out in March of last year that Obama’s plan would extend solvency by a mere three years.  And that was assuming a higher tax rate and even more income subject to the tax ($200,000 and up).
 
Eschewing political expediency on tough issues like Social Security, Obama in 2007 said, “I don’t want to just put my finger out to the wind and see what the polls say; I want to bring the country together to solve a problem.”

 
Given that Social Security will run out of money even sooner than previously projected, there isn't much time left to make good on that promise.