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U.S. Deficit Commission Recommends Changes to SS
Posted: Nov 10, 2010
(The true suggestions will be coming out on Dec. 1.)
U.S. Deficit Commission Recommends Changes to Social Security
A draft proposal by the deficit commission suggests curbing Social Security benefits and raising the retirement ageto 68. It is currently 67 years for retirees to receive full benefits. The panel leaders also propose reducing the annual cost-of-living increases in Social Security.
The increase to age 68 would be implemented by 2050 and then would increase again to 69 by 2075. A "hardship exception" would be provided for certain occupations where older retirement would be unrealistic.
According to a source who spoke to Fox News, the 18-member panel led by former Wyoming Republican Sen. Alan Simpson and former Clinton Chief of Staff Erskine Bowles, also may propose reducing the base rate on corporate taxes, phasing in spending cuts over time, reducing foreign aid by $4.6 billion, freezing federal salaries for three years and banning congressional earmarks. It is unclear how the commissioners would define a congressional earmark.
See full article here:
http://www.foxnews.com/politics/2010/11/10/deficit-commission-recommends-changes-social-security/
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Well...I certainly agree with parts of this... - sam
[ In Reply To ..]but messing with social security is not one of them. Although extending it to 2050 does give people now who will be retiring at that time to prepare for it...still not a fan of doing that. What I really wish is that the Democrats had never raided the Social Security funds the first time (The Social Security Act of 1965 first allowed the Social Security Trust fund to be legally robbed and IOUs left in its place. This was part of LBJ's "great society" initiative and was passed almost exclusively along party lines (Democrats enjoyed a 2:1 advantage over Republicans during the 89th congress). It was initially robbed to start funding for Medicaid and Medicare which were sold to the American people as ways of "controlling health care costs and providing insurance for the needy and elderly" sound familiar? Since that time SS has become a frequently used funding source when congress wants the CBO to score a bill as deficit neutral. Of course when the IOUs are called due, as some of them will be this year, Treasury must grab the credit card and head over to the ATM machine at the First National Bank of China. As witnessed over the last few weeks Chinese (and for that matter Japanese and European) interest in our debt in the wake of Obamacare is noticeably weaker and the fees to pay back the IOUs will become progressively more punitive). Johnson and his congress had to pass that bill to get into Social Security because when the law was passed creating SS, it also stated that those funds were not to be touched for anything but Social Security payments. I think we waited way too long to get mad and clean house.
I hope that the stuff about lowering corporate tax base, reducing foreign aid, freezing federal salaries for 3 years and banning earmarks were not from just the Republicans on the panel, because Dems have fought those things tooth and nail for years (oh sorry, OBama said he was going to stop earmarks...another thing he did not do). I hope it is bipartisan. That would give me hope that at least some Democrats did get the message from the midterms.
I live in hope!
I hold no hope (your last paragraph) - Backwards Typist
[ In Reply To ..]"I hope that the stuff about lowering corporate tax base, reducing foreign aid, freezing federal salaries for 3 years and banning earmarks were not from just the Republicans on the panel, because Dems have fought those things tooth and nail for years (oh sorry, OBama said he was going to stop earmarks...another thing he did not do). I hope it is bipartisan. That would give me hope that at least some Democrats did get the message from the midterms."
I think things will be 'back to normal' after the dems wake up from their losses. Don't forget, Hillary promised billions last year and Obama just promised billions to India this week.
I don't mind the SS age rising. Something has to be done. People are living longer and working longer. Hopefully, it would be a very slow raise in ages. They raised the ages a few times in the past 40-50 years and it was only a year or two difference.
What I don't agree with is totally cutting out the COLA raises SS grants each year (with the exception of the last 2 years). But then, again, if our GDP doesn't rise, the COLA wouldn't be there anyway...and the only way the GDP will rise is if we get back to work and start contributing to the tax base. Each year Medicare costs to those on SS rises and, taking the example of my mother, her Medicare cost would always rise a few dollars MORE than the COLA. If the seniors don't have COLA, they will still be losing the battle between medications and food.
Very good points! nm - sam
[ In Reply To ..]nm
Maybe they should make a law that nobody over 65 can - serve in Congress.nm
[ In Reply To ..]nm
I am ALL for term limits. Two times and you're done.nm - sam
[ In Reply To ..]nm
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