Both parties mull raising retirement age, House leaders get frank about Social Security cost

washington times ^ | 7/13/10 | By Patrice Hill

[Nachum]

In a rare departure from this year's intense political posturing over the soaring budget deficit, House leaders of both parties recently signaled that they are prepared to tackle a leading long-term liability — Social Security — by raising the retirement age.

Politicians often talk in generalities about cutting the deficit, but discussing specifics about how Congress may curb the growth of the biggest and most popular programs such as Social Security and defense is controversial and usually taboo in an election year.

[taxtruth]

Where does your money go when you die at 60 and the government hopes you do pass away?THEY KEEP IT!

[Deagle]

Hardly! If this is not done by both parties, we are doomed economically anyway! If the Republicans don’t embrace this solution, maybe we will elect a third party. Really, both parties have to get serious about the spending and the ultimate debt that we face!

[Deagle]

The first step to correcting this crisis is to reduce the pensions of Federal and State workers! This also means that they have to contribute to their own Health costs - 50% or so seems reasonable... Then we can worry about Social Security and Medicare. Medicare recipients also need to contribute their share of expenses when able...

[Deagle]

No, they spent it several years ago! Bye they way, retirement of government workers needs to be upped to either 65 or 70 years of age - no more of this 55 retirement crap!

[Deagle]

By the way... getting way too quick on the keyboard... This subject is one of my pet peeves...

[screaminsunshine]

Prepare for the royal screw job. Another crisis is on the way. Die now while it is still free.

[screaminsunshine]

Prepare for the royal screw job. Another crisis is on the way. Die now while it is still free.

[wiggen]

You are 100% correct. Also do not forget that jobs open for new workers when older workers retire. Boost the age and the jobless rate will never go below 10%.

[Jimmy Valentine]

This is a discussion that should have been taken up 20 years ago.

Lest we forget, Pelosi during the Bush Administration blocked every effort he made to do something about Social Security. She said that there was plenty of money in the "Trust Fund"(ho ho ) to last for the forseeable future.

[ballplayer]

Its funny How the Government tells you that the program is going broke but not HOW. Could it be that the very Politicians telling you this are the Ones who have been robbing the money from Social Security replacing the funds with IOUs to fund all their PROGRAMS for 60 years. They should all be arrested and forfeit their fat pensions and be Tarred and Feathered

[Trust but Verify]

Sounds like a great idea, except where would they get the money from?

[whd23]

You ask how did we get here? Real simple, the Congress critters aren't in social security so why should they try to understand the impacts of a system they aren't part of?

That's just a distraction.

Do you honestly believe that the seasoned congresscritter leaving office is going to depend on SS for their retirement income? They leave office, go on speaking tours, write books, and get hired by lobbying firms. The $2K/mo. they could get from SS is nothing to the well-connected retired congresscritter.

[libertarian27]

By they way, retirement of government workers needs to be upped to either 65 or 70 years of age - no more of this 55 retirement crap!

Ditto that!

The first of the baby boomer Government workers retired 10 years ago (65 now). Why do you think cities, states and the fed are exploding in losses right now? Private sector baby boomers are retiring this year (1945) 65-66yrs old.

That large Baby boomer population getting all the promised perks is unsustainable - the math don't hunt.

[mo]

This is all about the elections in November....and any Pubbies stupid enough to get suckered into a “dialogue” about this will find it on tape in their districts in October. Classic, classic campaign tactic...

[Non-Sequitur]

One clue that both parties are getting serious about addressing the deficit problem is neither the White House nor congressional leaders of either party chose to single out for attack the others' unusually frank discussion on Social Security.

Wait until all the cards are on the table. Then both sides will try to savage the other during the fall campaign as being the one trying to 'destroy' Social Security.

[GOPJ]

Anyone under 60 right now should make sure they are going to be fit and able to work well past the traditional retirement age. Low birth rates and economic storms ahead insure that. I suppose if you had the good sense to have a bunch of kids then that will help

Maybe the system should be redone so those people who had children - had future workers - can stay on Social Security at 65 - and those liberals who didn't can work til they drop.

[VRW Conspirator]

to tackle a leading long-term liability — Social Security — by raising the retirement age.

Dear Gen X, Y and beyond - We, collectively, decimated your future - but we got ours. Ha, Ha.
-Baby Boomers

[EBH]

Many people are “retired” today in their 50’s and early 60’s because they can’t find jobs, not because they want to be retired.

I've been taking to calling it my career sabbatical. I'm too old to get hired at what I used to do, too young to really retire, and recently realizing too feeble to keep up with what I am currently doing...

So, I am starting, my own business.

[Tijeras_Slim]

Gee thanks....

And welcome to FR, I think...

[Atlas Sneezed]

Anyone under 60 right now should make sure they are going to be fit and able to work well past the traditional retirement age.

---

Don’t forget the fact that anyone can SAVE their money and retire whenever they choose.

I applaud this direction, as it’s time for one generation to stop stealing from the next. It’s “theft” because those benefiting know that those who are funding their retirement have no hope of receiving the same benefit as compensation).