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January 17, 2013

Business CEOs call for raising retirement age to 70

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An association of CEOs of some of the largest U.S. companies is calling for raising the retirement age to 70. Under their plan, those 55 and older would continue under the present system and Medicare would be partially privatized. Whether Obama and his fellow Democrats like it or not, sooner or later (the sooner the better for the solvency of the program), it's an idea that is going to have to be adopted one way or the other - else there's not going to be Social Security and Medicare for anybody ... the programs will be insovent.

The AP reports:

An influential group of business CEOs is pushing a plan to gradually increase the full retirement age to 70 for both Social Security and Medicare and to partially privatize the health insurance program for older Americans.

The Business Roundtable's plan would protect those 55 and older from cuts but younger workers would face significant changes. The plan unveiled Wednesday would result in smaller annual benefit increases for all Social Security recipients. Initial benefits for wealthy retirees would also be smaller.

Medicare recipients would be able to enroll in the traditional program or in private plans that could adjust premiums based on age and health status.

Much more here.

Common sense. Like I said in the intro here, the CEO's plan, or something similar (i.e. age 67 - 69) is going to have to be adopted. Sooner or later, the 'adults in the room' (if there are any still in Congress) have got to come to grips with the fact that Social Security, Medicare ... and Medicaid ... are the biggest driver of the long-term national debt ... something that even the liberal-progressive CNN is willing to report:

Cut even more out of discretionary programs, including defense. And tax the heck out of Warren Buffett and his pals. All those moves combined still won't do enough to rein in national debt.

That's because they're not the main cause of long-term deficits. An aging population and rising health care costs are. So is the fact that there will be fewer workers per retiree paying taxes into the programs.

And this is all the more deadly to our national solvency when we have serial spendaholics in the White House and Congress. Increasing revenues is one thing ... adding more and more spending while continuing to ignore the biggest driver of our deficit is quite another ... fiscal insanity.

Posted by Hyscience at January 17, 2013 8:19 AM



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