Raise The Social Security Age To (At Least) 75
by Tyler Durden
Sunday, Jan 29, 2023 – 06:30 PM
Authored by Ryan McMaken via The Mises Institute
- On January 10, the French government announced plans to raise the retirement age from 62 to 64.
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One thing raising the age has going for it is that it’s been done before. A 1983 change very gradually increased the full-benefits age from 65 to 67. That’s much too little, and even an increase to age 75 would be a mild reform. Other reforms, up to and including abolition, should include means-testing pensions and totally defederalizing and decentralizing the program. But it’s also easy to imagine the tidal wave of opposition from activists who vehemently oppose even a very mild reduction in Social Security payouts. Raising the age won’t make Social Security just, prudent, or wise. But cutting federal spending is always the right thing to do.
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As horrific this change wood be, it’s needed to prevent economic catastrophe.
Time to unwind the Ponzi scheme. Those, that are close to their retirement age (i.e., 55), don’t have enough working time to adjust to the loss or reduction in Social Security benefits. And, don’t forget that there is a terrible age discrimination problem when workers turn 40, 50, or 55. So evidently, those under 40 are going to take a real haircut.
I doubt the current crop od politicians and bureaucrats have any stomach for the pain to be inflicted on themselves and the general population.
One thing is for sure, “they” can’t print their way out of this one.
On Mon, Jan 30, 2023 at 10:39 AM Luddite wrote:
“Back in the day” when I was making some decent coin, I was always pleased each year when I reached the maximum income required on SS withdrawals each month. I remember a couple of years when I received some big January bonuses that they stopped taking out SS in April! In my opinion, the easiest solution to preserving SS is to remove the cap on income. I understand that the reason we even have a problem is because the crooks raided the fund years ago and have never paid it back, but given the current situation I believe removing the cap is the easiest and least painful solution. What say you? (Also understanding that I just poked the libertarian’s cage!)
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Taxation is theft.
Starting from that basic principle, “eliminating the cap” merely allows the current plundering to continue.
A radical reform is required to truly correct the problem. Will some get hurt, yup.
To minimize the pain, the young should be excluded, the old exempted, and the middle get the full retirement age adjusted.
Say a 40 goes from 69 to 80, 50 goes from 68 to 75, 55 from 68 to 70.
Then in 40 years social security goes away.
It’s only fair way to unwind the ponzi scheme.
Yes, fiscal reality sucks. Economics is the dismal science. And, TANSTAAFL (“There Ain’t No Such Thing As A Free Lunch” From Robert Heinlein’s classic)!