Some people are saying that raising the Social Security Cap will only increase the life of Social Security by seven years. However, according to a February 7, 2005 Memo to the Chief Actuary of the Social Security Administration, that may not be entirely accurate. In particular check out page 18 of the document which asks the question "What if we eliminate the cap?"
According to this analysis, the trust won't run out until at least 2079, and there will still be money in the trust fund. But those who throw out the 7 years figure are possibly assuming that there is no trust fund.
Got this from Talking Points Memo, which you should be reading on a regular basis.
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