AARP will raise a rukus along the unions, public and private sector. A reduction in COLAs will be fought tooth and nail. And unlike the young, seniors vote in greater numbers. By 2030 we will have 70 million Americans of retirement age, twice the number we have today.
Well said. What I think is going to happen whether we like it or not is tax increases. They will also push back the age of retirement after grandfathering people in over 50 or so. Tough break for young people. They'll get hurt big time. Of course they don't pay attention or they would have jumped at the chance for private accounts but they went right along with the Democrats who said Republicans REALLY wanted to end Social Security. I really doubt Fred will be able to pull this off - especially with a Democratic Congress.
Hopefully, still lucid enough to understand the Plantation rhetoric of the Dem's is NOT in their best interest, AND FRed's plain talk and common sense solutions will ring true to the experienced and realistic Seniors of the Baby Boomer generation.
That said, if you see the Code Pinker's and the Anti-War Protesters that are made up of wannabe-hippies from that era, you KNOW that a large portion of these will offset the knowledgeable and common sense numbers of the 60's generation.
This is the misconception that socialists want people to believe.
What Fred is suggesting has NOTHING to do with reducing the COLA increases during retirement.
There are TWO different “inflation” figures used for SS:
1) After a person begins collecting SS benefits, those benefits go up each year to keep pace with inflation in prices. This is COLA, and Fred’s suggestion has NOTHING to do with any changes to that formula.
2) While a person is still years away from retirement, the SSA uses a DIFFERENT formula to estimate what your benefits will be. That estimate is based on WAGE inflation, which has historically been higher than PRICE inflation. Using WAGE inflation means you are promised a higher monthly benefit. In REAL PURCHASING POWER, you will have a better retirement than CURRENT retirees. Switching to PRICE inflation means you would have IDENTICAL purchasing power compared to current retirees.
So it would be a cut in benefits compared to what has been promised, but no cut compared to what current retirees get.