To the editor: Avert Social Security disaster by eliminating payroll tax cap

As the new year starts, it may be the right moment to respond to Bloomberg’s guest editorial Dec. 3 of last year. Bloomberg correctly sounded the alarm on the approaching Social Security retirement disaster of 2033, which is being ignored. While they do recommend raising the payroll tax percentage, raising the retirement age, revising the COLA formula, and a modest lifting of the payroll tax ceiling, they completely miss the obvious answer.