Word: moynihan
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...Moynihan said he and Senator Bob Kerrey (D-Neb.) would soon unveil "The Social Security Solvency Act of 1998," calling for a 10-year, $800 billion cut in payroll taxes and the introduction of a "pay-as-you-go" system that would take in only as much money as the system needed in a given year...
...save this system. It's not very hard," Moynihan said of Social Security, first introduced as an economic safety net for victims of the Great Depression...
...Moynihan said he feared the Social Security system, while robustly funded at present, could be insolvent in as little as 30 years without far-reaching reform...
Workers would be allowed to put this tax cut into a personal savings account--Moynihan's mechanism for insuring that individuals provide for themselves in retirement--or take 1 percent more in take-home...
This fairly massive cut would be balanced in Moynihan's system by an increase in the overall tax base-- including eventual increases in the amount oftaxable wages and the legal retirement...