Both parties in the U.S. House of Representatives found a reason to be united this week over an issue that is sure to raise the blood-pressure of Americans across the country. The House Majority Leader, Democrat Steny H. Hoyer of Maryland and the House Minority Leader, Republican John A. Boehner of Ohio, were both adamant that the retirement age of American workers must be raised.
The issue revolves around Social Security, a program that is trillions of dollars in the hole. Further complicating the matter are the trillion-plus dollar deficits being registered by the federal government. With the average lifespan of Americans increasing and baby-boomers beginning to retire, the strain on Social Security and the federal budget in general is reaching epic proportions.
Boehner cut right to the chase, suggesting that the retirement age be raised to 70. Speaking to the Pittsburgh Tribune, he stated, “We need to look at the American people and explain to them that we're broke.”
Maryland Congressman Hoyer agreed whole-heartedly arguing, “We could and should consider a higher retirement age, or one pegged to life span.” He continued on to emphasize that now was the time to be completely honest with the American people. Sacrifices and reforms would need to be made – including higher taxes.
President Obama’s debt and deficit commission, which this past Sunday presented a frightening picture of the country’s financial state, is slated to announce its complete findings and recommendations in November. Among those recommendations will almost certainly be a raise in the age of retirement. What is now a European trend will shortly be coming to America.
If anyone is under any illusion that the retirement age may not go up, they should save themselves the anxiety. It will definitely go up sooner rather than later. Americans can also expect increased taxes, more frequent hesitations to extend unemployment benefits, higher insurance rates, and higher prices in general. This is simply the nature of a society in extreme debt.
Posted below is an interview by Reason.TV of David Walker, former U.S. Comptroller General from 1998 to 2008. Walker is now president and CEO of The Peter G. Peterson Foundation, an organization that focuses on fiscal sustainability and awareness. In the interview, Walker discusses the country’s current fiscal crisis (including the problems with Social Security) and offers some solutions. It is well worth your attention.
http://www.washingtontimes.com/news/2010/jul/13/both-parties-mull-raising-retirement-age/?page=1
Comments
Thats kewl. I am not affected so it don't matter to me.
Let them go after others.
70? Nahh. I'll never make it!
This is BS. I've been forcibly contributing for decades to the Ponzi scheme known as Social Security and although I'm not counting on much from it, the contract with the govt was age 67.
Now because THEY (the feds) have acted so irresponsible and spent so recklessly, they are going to try to make me wait another 3 years?? HELL NO!
They should just give me back my money and let me invest it!
If/When they decide to do this, they should grandfather in the increased age. It is almost a crime for the government to force people to work more years after these same people have paid into this system for 30, 40, or even 50 years. Perhaps it's time that they make Social Security optional for each individual.
It's too late and we are too far in the hole to grandfather anything. Besides, how do you decide who to grandfather in and who not to? Any way the "cut off" age would be determined would be unfair to the next guy. The next step should be to get rid of social security and like Obama Dystopia says, let us invest it. Let us be responsible for our own future and our own money. If the government is concerned about Americans not being smart enough to invest in their own retirement (which most are not), then they can create government programs that educate and assist Americans with investing for their future, not do it for them with their "legalized" Ponzi scheme.
Obama Dystopia says:
hey should just give me back my money and let me invest it!
What a GREAT IDEA!!!!! Like big companies have buy outs for employees! GREAT IDEA!!!
SSA can offer those of a certain age, those that may be effected by any change to the retirement age, a buy out. Give them a lump sum of what they put into the system Hell, they can even keep 5% of it for others still in the system.
I would take it! A lump sum of 95% of what I put in in return for zero future benefits.
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Youwan o rais ethe retirement age after Ihav worked for so many years taking care of the young peoples babies and worked all my life and you want to keep my money afn make me work to 70??????? what is wrong with you????? I teach and do not make anything anyway and you want me to teach until 70 these kids who don't listen anyway??????? You are not working with a full deck I see.
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