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Top Republican Says Raise Retirement Age To 70, Tie It To CPI, & Start Means Testing

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Top Republican Says Raise Retirement Age To 70, Tie It To CPI, & Start Means Testing

Old 07-01-10, 04:28 PM
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Top Republican Says Raise Retirement Age To 70, Tie It To CPI, & Start Means Testing

How can we reconcile this to the trillions that were paid to financial speculators during the crash? They were made whole, but taxpayers get the shaft? And isn't' it funny that no one ever thinks of perhaps getting something back from Wall Street since they've done spectacularly since then?

Do these ideas have any merit anymore? Does anyone really beleive that there will be plenty of jobs for those in their 60's and 70's than their are today?


http://thehill.com/blogs/blog-briefi...age=1#comments


Top Republican: Raise Social Security's retirement age to 70
By Michael O'Brien - 06/29/10 10:50 AM ET

A Republican-held Congress might look to raise the retirement age to 70, House Minority Leader John Boehner (R-Ohio) suggested Monday.

Boehner, the top Republican lawmaker in the House, said raising the retirement age by five years, indexing benefits to the rate of inflation and means-testing benefits would make the massive entitlement program more solvent.
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Old 07-01-10, 04:53 PM
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Re: Top Republican Says Raise Retirement Age To 70, Tie It To CPI, & Start Means Tes

In order for Social Security system to avoid bankruptcy within the next 10 years, they are going to need to raise the mandatory retirement age to death.
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Old 07-01-10, 04:55 PM
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Re: Top Republican Says Raise Retirement Age To 70, Tie It To CPI, & Start Means Tes

Originally Posted by clappj View Post
In order for Social Security system to avoid bankruptcy within the next 10 years, they are going to need to raise the mandatory retirement age to death.
Even the most pessimistic projections don't suggest that the social security trust fund will be depleted in less than 25 years.
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Old 07-01-10, 04:58 PM
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Re: Top Republican Says Raise Retirement Age To 70, Tie It To CPI, & Start Means Tes

But there is no real trust fund.


People are living longer, shouldn't the retirement age be raised?
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Old 07-01-10, 05:16 PM
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Re: Top Republican Says Raise Retirement Age To 70, Tie It To CPI, & Start Means Tes

Originally Posted by Venusian View Post
But there is no real trust fund.


People are living longer, shouldn't the retirement age be raised?
People are living longer, but I'm not sure that means they can (or should) be made to work on an assembly line or stand behind a cash regsiter until they are 70. Certainly, there are some white collar jobs where it's not inappropriate to expect that people will not leave them on their 65th birthday, but I don't think that's true of a significant portion of the workforce.
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Old 07-01-10, 05:37 PM
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Re: Top Republican Says Raise Retirement Age To 70, Tie It To CPI, & Start Means Tes

Originally Posted by shifrbv View Post
How can we reconcile this to the trillions that were paid to financial speculators during the crash? They were made whole, but taxpayers get the shaft? And isn't' it funny that no one ever thinks of perhaps getting something back from Wall Street since they've done spectacularly since then?
I'm not quite sure what this has to do with the retirement age. The Wall Street bailout was wrong, but that doesn't make this idea wrong.

Originally Posted by shifrbv View Post
Do these ideas have any merit anymore? Does anyone really beleive that there will be plenty of jobs for those in their 60's and 70's than their are today?


http://thehill.com/blogs/blog-briefi...age=1#comments


Top Republican: Raise Social Security's retirement age to 70
By Michael O'Brien - 06/29/10 10:50 AM ET

A Republican-held Congress might look to raise the retirement age to 70, House Minority Leader John Boehner (R-Ohio) suggested Monday.

Boehner, the top Republican lawmaker in the House, said raising the retirement age by five years, indexing benefits to the rate of inflation and means-testing benefits would make the massive entitlement program more solvent.
This is probably inevitable with an aging boomer population.
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Old 07-01-10, 05:41 PM
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Re: Top Republican Says Raise Retirement Age To 70, Tie It To CPI, & Start Means Tes

Originally Posted by clappj View Post
In order for Social Security system to avoid bankruptcy within the next 10 years, they are going to need to raise the mandatory retirement age to death.
It's bankrupt now.

Originally Posted by JasonF View Post
Even the most pessimistic projections don't suggest that the social security trust fund will be depleted in less than 25 years.


A trust fund... amazing what people will believe.
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Old 07-01-10, 05:51 PM
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Re: Top Republican Says Raise Retirement Age To 70, Tie It To CPI, & Start Means Tes

Means testing means the end of Social Security.
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Old 07-01-10, 05:52 PM
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Re: Top Republican Says Raise Retirement Age To 70, Tie It To CPI, & Start Means Tes

Originally Posted by clappj View Post
In order for Social Security system to avoid bankruptcy within the next 10 years, they are going to need to raise the mandatory retirement age to death.
SS is not going bankrupt in the next 10 years.
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Old 07-01-10, 05:52 PM
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Re: Top Republican Says Raise Retirement Age To 70, Tie It To CPI, & Start Means Tes

Actual figure is eleven years.
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Old 07-01-10, 05:54 PM
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Re: Top Republican Says Raise Retirement Age To 70, Tie It To CPI, & Start Means Tes

source?
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Old 07-01-10, 05:59 PM
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Re: Top Republican Says Raise Retirement Age To 70, Tie It To CPI, & Start Means Tes

As of last year, the federal government projected that by 2017, Social Security would begin paying out more in benefits than it generates in revenues. Last week's report shifts this date back one year, to 2016. Even more startling is the report's finding that the Social Security trust fund itself will be entirely depleted by 2037. This is four years earlier than the last year's projected depletion date of 2041.
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Old 07-01-10, 06:53 PM
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Re: Top Republican Says Raise Retirement Age To 70, Tie It To CPI, & Start Means Tes

From the article:
Boehner, the top Republican lawmaker in the House, said raising the retirement age by five years, indexing benefits to the rate of inflation and means-testing benefits would make the massive entitlement program more solvent.
This just shows Boehner is utterly clueless. The retirement age isn't 65 (for full benefits). It is currently 66 for my age group, and 67 for younger workers. (You can still take reduced early benefits at 62, but the benefits are more reduced if you have a later full benefit age.)

Also, I thought benefits WERE indexed to inflation. What are they indexed to if not inflation. Also there is already means testing. If you make too much SS benefits are taxed. The result of the tax is they take part of it back.
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Old 07-01-10, 07:11 PM
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Re: Top Republican Says Raise Retirement Age To 70, Tie It To CPI, & Start Means Tes

That's not means testing in the sense that we generally mean by means testing.

If you receive Civil Service Retirement you pay taxes on it. That doesn't mean the benefit is means tested.
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Old 07-01-10, 07:38 PM
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Re: Top Republican Says Raise Retirement Age To 70, Tie It To CPI, & Start Means Tes

But with SS, it depends on your AGI. That determines the percentage of your SS benefit that is taxed. That is means testing. Perhaps you want a more extreme means test. If you havce over x dollars of other income, you get no SS.
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Old 07-01-10, 07:51 PM
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Re: Top Republican Says Raise Retirement Age To 70, Tie It To CPI, & Start Means Tes

Originally Posted by classicman2 View Post
This is four years earlier than the last year's projected depletion date of 2041.
Reminds me of the 'projections' that health care reform will cut the deficit (and how the costs have already been shown to be understated).
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Old 07-01-10, 08:26 PM
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Re: Top Republican Says Raise Retirement Age To 70, Tie It To CPI, & Start Means Tes

Originally Posted by OldDude View Post
But with SS, it depends on your AGI. That determines the percentage of your SS benefit that is taxed. That is means testing. Perhaps you want a more extreme means test. If you havce over x dollars of other income, you get no SS.
No, it's not.

SSI is means tested.

AFDC is means tested.

Food Stamps is means tested.

Last edited by classicman2; 07-01-10 at 08:29 PM.
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Old 07-01-10, 08:26 PM
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Re: Top Republican Says Raise Retirement Age To 70, Tie It To CPI, & Start Means Tes

Originally Posted by Venusian View Post
But there is no real trust fund.


People are living longer, shouldn't the retirement age be raised?
They are "living" longer...but in adult care homes and facilities. Not sure you call it living, but you are correct, we are living longer. So, in any case, the cost is even greater.
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Old 07-01-10, 09:50 PM
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Re: Top Republican Says Raise Retirement Age To 70, Tie It To CPI, & Start Means Tes

Originally Posted by msdmoney View Post
I'm not quite sure what this has to do with the retirement age. The Wall Street bailout was wrong, but that doesn't make this idea wrong.
Yes it does. We have a big problem with the distribution of tax burden in the US. When work is taxed at over 40% and capital gains/dividends for the rich are 15%, and those making their income from capital gains/dividends control 40% of the wealth and have made nearly all the income gains of the last decade (and untold trillions in bailout funds on top of it all), well, then of course there is going to be a shortfall.

I can't believe how many people actually believe that the problem with social security is the age at which people are eligible for benefits when the government is taking the funds and spending them on other programs like wars and bailouts....and the entire burden is shouldered by all wages 100K and less while the elite collect huge income and pay no Social security tax and only pay 15% income tax. The fact that people are willing to accept this is amazing to me and the fact that people defend raising the social security age is explanation enough for how the plutocracy gets away with it.

Why not tax all income at only 4%?

It's like Buffet said, there is class war and the rich are winning.

Last edited by shifrbv; 07-01-10 at 09:56 PM.
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Old 07-01-10, 10:12 PM
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Re: Top Republican Says Raise Retirement Age To 70, Tie It To CPI, & Start Means Tes

+1. And they always will. The only way the rich lose their control is by physical removal and physical change of politics. I'm not talking about voting, watching CNN or Fox News, or having a popular comic in a newspaper. Real change happens when you kick the motherfucker physically out of his chair, and sit in it yourself.
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Old 07-01-10, 10:17 PM
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Re: Top Republican Says Raise Retirement Age To 70, Tie It To CPI, & Start Means Tes

I can't believe how many people actually believe that the problem with social security is the age at which people are eligible for benefits when the government is taking the funds and spending them on other programs like wars and bailouts....
I can't either.
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Old 07-01-10, 10:27 PM
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Re: Top Republican Says Raise Retirement Age To 70, Tie It To CPI, & Start Means Tes

Warren Buffet, the big Obama supporter, also supports means testing for SS benefits. But the only reason I could see us doing something like this is if we decide we don't want to forever enslave our children. We've proven for decades that this isn't part of the values of America. We heap the burdens on the young while the old have more disposable income than any other group. We must maintain old fuckers and their greed.
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Old 07-01-10, 10:30 PM
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Re: Top Republican Says Raise Retirement Age To 70, Tie It To CPI, & Start Means Tes

Originally Posted by kvrdave View Post
But the only reason I could see us doing something like this is if we decide we don't want to forever enslave our children. We've proven for decades that this isn't part of the values of America. We heap the burdens on the young while the old have more disposable income than any other group. We must maintain old fuckers and their greed.
That's one of the most asinine statements you've made on this forum, and you've made your share of asinine statements.
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Old 07-01-10, 10:34 PM
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Re: Top Republican Says Raise Retirement Age To 70, Tie It To CPI, & Start Means Tes

And I'm just getting warmed up.
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Old 08-02-10, 08:24 AM
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Re: Top Republican Says Raise Retirement Age To 70, Tie It To CPI, & Start Means Tes

Raise retirement age to 90.

I say that anyone who retires prior to that age is a freeloader.

Present company excepted.
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