I'm worried about Social Security.

Do you think he's going to attempt to downsize the program somehow? Please tell me he won't even consider that.

he touches that, and you can kiss the Democratic Party goodbye.

"Evil!"


:thumbsdown:

It is the only sensible option.

Just raise or even eliminate the cap.

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retirement age for fulll benefits those entering the workforce now (not those nearing retirement) would also be prudent. When Social Security was adopted the life expenctancy was 61.7 years (both sexes all races). For 2010 the equivalent figure is 78.3 years.

Looking at life expentancy at birth only tells part of the picture. It is somewhat distorted by changes in infant mortality. The change is less dramatic when you look only at life expectency after attaining adulthood or life expectancy after "normal" retirement age.

In 1940 a person who was 65 could expect to live approximately another 13 years. That has now risen to 19 years. Changes in health and life expectancy justify a gradual change in retirement age to 70 with an option for early retirement at reduced benefits at age 67.

Full disclosure here: I retired at 55 but don't plan on making an early claim for Social Security. My spouse retired at 57 and began drawing reduced benefits at 63. My father began drawing benefits at age 65, worked until age 93 in his own CPA practice and died two weeks before his 102nd birthday.

That deficit committee was a means to shield both Congress and Obama from the full wrath of the people in slashing both SS and Medicare.

Without that passing its likely dead.

At least I hope its dead.

On the other hand, the government can continue playing with bogus CPI numbers to claim theres no inflation (like they did for 2010 and talking about already for 2011), which effectively results in a freeze on benefits without any way to point fingers at any politicians.

COLA could never keep up with rapid changes, and that is how they will smoke out the SS, Medicaid and the Debt..... Inflate it away.

Do you realize that the FED printed, or made up, over 90% of the money we borrowed in 2009??

I am. I'm about to retire and I think it is not impossible that The Powers That Be (including its spokesperson, the president) will claim to have no economic choice but to scuttle Social Security, and the institutions, both public and private, will reneg on pensions, again saying they have no choice. Old people aren't much good at rioting and storming the bastille, so we'll just whine and die.

I would seriously not count on pensions or defined benefit plans.

When Social Security and Medicare are angrily referred to as 'entitlement programs' - as they have been all day on MSNBC - you can tell that the powers that be aren't just satisfied with sucking us dry in our working years. Now they're going to suck retirees dry, too.

If they take ONE DIME away from either program, they'd better damn well reduce our imperialistic military outposts and bloated Pentagon budget first.

I don't like where this is headed.

insure continued funding for hundreds of military institutions around the world and the obscenely expensive weapons systems.

It's like kissing the third rail..........