I'm not going to go off on some ranting tirade about the growing wealth gap. Obviously poor people just need to work harder to keep up with all those folks who were busy getting $500,000 paychecks structuring CDOs for the banks back in 2007. The data presented here is stale and represents the peak of a bull market where bank employees and company executives were being showered with lavish pay. Since then, the economy has shed roughly 6 million jobs, many high paying ones in finance, and I suspect that the gap has returned back to a more recessionary 2002 level.
A very quick and easy fix for the fact that the pay of employees has exceeded the wage base is to simply raise the wage base. Democrats are already trying to cram through a 5.4% tax on employees making over $1 million to fund their ambitious health care plan, so really what's another 12% on another $50k or so in pay? Although rumor has it that the 5.4% tax is not sitting too well with some of the Democrats' wealthiest constituents. The real solution to resolving the problem of our underfunded Social Security system is the one proposed by former Fed Chairman Alan Greenspan: Simply raise the retirement age. To perhaps a nice round number like 90? That would plug up the Social Security gap in a jiffy.