World's greatest argument against raising the wage cap

Hat tip to Social Security Choice for noticing the World's greatest argument against raising the wage cap.

Paul Krugman wrote an article Just Say No in which he said "As a result, an increase in the payroll tax maximum would make it much harder to pass other tax increases"

I have always assumed that passing other tax increases was the main objective of Democrats, but I want to thank Paul for confirming that for me.

Paul indicated that some Republicans are reported to be talking about a compromise in which they would agree to some kind of tax increase, probably a rise in the maximum level of earnings subject to the payroll tax. They would offer to use the revenue from that tax increase, rather than borrowed funds, to establish private accounts, thereby assuaging fears about the huge debt buildup that would take place under the administration's plan.

That part is consistent with the Dems opposition to doing anything about creating private accounts in Social Security, but Paul is so opposed to it that he goes on and says "They might even agree to make private accounts an add-on to traditional benefits, not a replacement. But it would still be a bad deal. Creating private accounts in the current environment, no matter how they are financed, would be a mistake."

Even the AARP encourages people to have their own private investment accouts, they just back the Democrats in opposing them within in Social Security.

Hat tip to Social Security Choice