Perdido 03

Perdido 03

Friday, October 16, 2015

They're Coming For Your Social Security Money

The NY Times on some of the Republican presidential candidates plans for Social Security:

Most Republicans, adamantly opposed to any tax increases, continue to offer proposals that focus on cutting benefits, in ways that critics say could harm the most vulnerable retirees, while doing little to overcome the system’s financial imbalance.

“Americans are living longer,” Gov. Chris Christie of New Jersey, who is seeking the Republican nomination, said in a campaign speech in April in New Hampshire. “This is something to celebrate but, at the same time, we can’t ignore the real effect that has on Social Security.”
In the same speech, Mr. Christie called for gradually raising the retirement age for future retirees, a change championed by several other Republican candidates, including former Gov. Jeb Bush and Senator Marco Rubio. both of Florida.

Not all Americans are living longer - workers in lower income brackets have seen life expectancy go down.

In any case, here's the effect of the raise in age:

Each year the “full” retirement age is raised translates into a benefit cut of nearly 7 percent for future retirees who are affected. The full retirement age is already scheduled to rise from 66 to 67 — for people born after 1959 — which will hold down benefits for that group. 
Consider an individual who would receive a full benefit of $2,000 a month at age 67 under current law. She would receive $1,600 a month at age 67 if the full retirement age were raised to 70, according to the Center on Budget and Policy Priorities. Instead of receiving $2,480 at age 70 under current law, she would have to wait until 70 to get $2,000.

That's a big change - and one Rubio, Christie, Bush and others are looking to bring us.

Something to think about this election cycle.


  1. Feel the Bern. Bernie wants to raise the cap on Social Security, and expand benefits. Sure it can be done. If everyone paid into Social Security on every dollar they earned, we would be looking at more money in the fund. What does Jeb Bush care? His family has oodles of money. He doesn't need SS, nor does he have to think about health care.

  2. Off topic, but I thought this was interesting, especially the part about the student ambassador.

  3. I am a Republican. I oppose changes to the Social Security along the lines of what you outlined here. I already have read about how Christie wants Social Security to be means tested. This is an outrage.

    I was not given any choice about participating in Social Security. I have contributed a fortune in Social Security taxes over the years and so has my employer on my behalf. If the same contributions had been invested at my discretion I would be sitting on an account worth several million dollars.

    I am single. I have no children. When I die, the government will keep all of the money contributed on my behalf. If it was in a private account I could leave it to a loved one of my choice.

    I do not gamble, take exotic vacations, buy fancy cars and jewelry. I have deferred a large percentage of my teaching salary. Because I have planned for the future, Christie and others would love to steal my Social Security. They should go to jail for even suggesting such a thing.

    RBE, you trashed these Republicans, but you did not offer any suggestions as to who is better.