Social Security Cuts Weighed by Panel

A White House-created commission is considering proposals to raise the retirement age and take other steps to shore up the finances of Social Security, prompting key players to prepare for a major battle over the program's future.
Journal Community

The panel is looking for a mix of ideas that could win support from both parties, including concessions from liberals who traditionally oppose benefit cuts and from Republicans who generally oppose higher taxes, according to one member of the commission and several people familiar with its deliberations.

In addition to raising the retirement age, which is now set to reach age 67 in 2027, specific cuts under consideration include lowering benefits for wealthier retires and trimming annual cost-of-living increases, perhaps only for wealthier retirees, people familiar with the talks said.

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Demon of Light said:

Source: The Wall Street Journal

These seems familiar to the Bush proposal only absent the option of voluntary investment that was misrepresented by opponents.

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Hicup said:

Isn't that interesting. Another idea would be to scale back, and I mean really scale back public service employee pensions to that matching the private sector. How is it that a teacher, or service employee, on average, makes double, even triple what a military service-person can retire on, after 20 years? It doesn't make any sense? Or is that the military isn't unionized?


Makes me sick to my stomach..

Tim-

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Redress said:

Maybe because they are not retiring after 20 years? One of the benefits of being in the military as you can retire at age 38 and get a check once a month for the rest of your life.

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