Wow, what a great plan

CNBC: "Bloomberg unveils plans for Americans’ Social Security, retirement savings."

"Bloomberg’s plan calls for setting a new, higher minimum benefit to prevent low-income seniors from falling below the federal poverty line."

OK, how about some details?

"Exactly how much benefits would be increased under Bloomberg’s plan was not disclosed."

"Bloomberg’s plan does not stipulate whether he would increase those [payroll tax] thresholds."

"Experts generally agree that repairing the program will require tax increases, benefit cuts or a combination of both. Bloomberg’s plan does not include details on how he would extend the program’s solvency."

This Social Security debate always circles around to the same unpleasant truth that taxes will need to go up and benefits will need to be pared back.  But nobody ever says so.