Raising the Retirement Age to Cover Social Security Shortfalls?Somervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


Raising the Retirement Age to Cover Social Security Shortfalls?

28 June 2005 at 1:44:07 PM

Ellen Goodman "The New Leisure Class"

One of the best-kept secrets is that we have already raised the age of full retirement to 65 1/2. It's increasing gradually until 2027, when it will be 67. Raising the retirement age further is nothing but an attempt, in economist Alicia Munnell's phrase ''to find a socially acceptable way of cutting benefits." Before this gets out of hand, we have to ask whether this is the best reform. We also have to ask why it's becoming more socially acceptable to target older Americans than richer Americans.

Want to talk about age and class? Try two other proposals for Social Security reform. The first is to raise the ceiling on earnings over $90,000. The second and most elegant idea comes from nonagenarian and former Social Security Commissioner Robert Ball: Designate the estate tax to shore up Social Security.

Under current law, the tax will only apply to estates worth more than $3.5 million by 2009. But two months ago, the House voted to permanently repeal the entire estate tax and the Senate is fiddling with compromise efforts.

A tax repeal on the richest 2 percent of Americans would cost $745 billion in the first 10 years. Using that money to support Social Security instead of an oligarchy would make up a third of the shortfall.

All in all, it's likely that healthy Americans will be working longer. It's a matter of disappearing pensions and dicey 401(k)s, as well as longer lives. Many of us expect to and/or want to work. We are already hearing buzzwords such as ''phased retirement," and economists are hopeful that employers make work more attractive to older workers as they run short of younger ones.

But the worst thing we can do is raise the retirement age -- what's next, Medicare? private pensions? -- before we figure out how to deal with able and willing elders. This is the time to remain conscientious objectors in the leisure class warfare.

     Views: 622 
Latest Blog Post by salon -Should Govt Be able to exercise pardons for horrible people (Matt Bevins-KY)

 You! Leave a Comment! You Know you Want To!
You must be a registered member to comment on the blog.
Your first post is held pending approval to make sure you're not a spammer bot

 Not registered? Or you can login!

LOGON - Name:Password:

New poster comments are moderated, meaning they won't show up until approved... or not.  Be patient-we have lives outside this blog, so it might take awhile You want to be rude? totally stupid? inappropriate? Racist? Bigoted? Flame war baiter? Your post may be deleted. Spammers or people posting pretend interest comments but really wanting to hawk their latest book or sell stuff or govt propaganda flacks won't see their posts published. Comments do not necessarily reflect the viewpoint of the site owner(salon).
If you have a problem with logging in or registering, please speak up right away. Love your comments. Oh, except spammers
More on commenting


Click Here for Main Page

Today Is  
Monday, December 16, 2019

Latest Posts

County Attorney email implies the County Commissioners violated the Texas Open Meetings Act in closed session
pharper 12/15/2019 Views 174

Somervell County Clerk Michelle Reynolds office posted inaccurate minutes for County Commissioners November 18, 2019 meeting
pharper 12/14/2019 Views 245

Should Govt Be able to exercise pardons for horrible people (Matt Bevins-KY)
salon 12/13/2019 Views 56

How Specific Does TOMA Notice Need to be (City of Austin v Lake Austin Collective, Inc)
salon 12/13/2019 Views 54

House Judiciary Committee Votes to Send Articles of Impeachment to the Full House for a Vote
salon 12/13/2019 Views 210

Video re: Danny Chambers Drag Racing Around the Square In Youth (Glen Rose)
salon 12/11/2019 Views 110

More Blog Headlines


salon > Quick update on this, via Pacer-Click on pic to see larger (Turk Case Update- Telephone Conference Hearing Set for March 8 2019 )

salon > Lance Been awhile. Send me an email at salon@glenrose.net with the names of who you're talking about, above. Also, the newspaper editor is no longer local, ie officed here, but the paper is run.... (What Happened to Jerry Jacene? )

LanceHall > I'd love to see the Hotel Guest books and see if Jacene's name shows up long before he officially *found* the tracks.  I'd like to know if the Visitor's Bureau has emails wit.... (What Happened to Jerry Jacene? )

LanceHall > I see the land or that part of it is now in the hands of Glen Rose's own Corky Underwood. Is Jacene still involved?   I had already informed the Visitor Bureau manager (who's.... (What Happened to Jerry Jacene? )

Home | Blog Home | About | News | Piazza | Calendar | Audio/Video/Open Rec | Search
Write!  |profile | quotes |
top Daily | top Weekly |top Month | top Year | Top All! | archives | subscribe RSS