I'm wondering why it was Dems that devised this and not the Republicans...?
"A Democratic-led policy group is proposing changes in Social Security that party members have resisted for years in an effort to pave the way for recommendations this week by President Barack Obama's deficit- cutting commission.
Washington-based Third Way said its plan would raise the retirement age, trim or eliminate Social Security benefits for high-income retirees, limit cost-of-living increases and provide money to help young workers create private retirement accounts.
The proposal, to be released after the presidential panel is due to issue its report on Dec. 1, is timed to help create a buffer for congressional Democrats to support politically unpopular deficit-trimming measures, said Third Way spokesman Sean Gibbons. (SOURCE)
People always seem to forget about that pesky little "I" on the end of Social Security. It's for INSURANCE. It was never meant to be a guarantee for all. This is one case in which class differentiation is needed. If you're rich, you don't need the insurance of Social Security.
Retirement age was also an arbitrary thing created to boot older workers from the system to create new jobs...
Everyone is all about sacrifices that others need to make. We will all have to make them if we want this country to weather this storm. Hopefully we will make them more gracefully than Greece and England...