Tuesday, January 25

A Very Valid Reason to Raise the Retirement Age in the US

Out comes word that the President will not call for raising the Retirement age as part of controlling Government spending:
The direction of Obama's speech became apparent over the weekend, when the White House informed Democratic lawmakers and advocates for the elderly that he would not endorse the commission's recommendation to raise the retirement age and make other cuts to Social Security - the single largest federal program.

Liberals, who have been alarmed by Obama's recent to shift to the center and his effort to court the nation's business community, applauded the decision, arguing that Social Security cuts are neither necessary to reduce current deficits nor a wise move politically. Polls show that large majorities of Americans in both parties - even in households that identify themselves as part of the tea party movement - oppose cutting Social Security benefits. - Washington Post
This is unfortunate, because there is a fair way to explain why the retirement age should be raised. Simply put, most Americans are living longer. In many cases much longer. And as retirees live longer they put a greater strain on Social Security (as well as other parts of the Government). We need to deal with that strain somehow. One way is to raise the retirement age.

Another way to fix Social Security is to raise worker contributions. I am only in favor of that option if we overhaul the entire program, introducing private accounts. (See my post: Democrats Hate the Idea of Private Social Security Accounts - Because They Cannot Steal From Those Accounts...)

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