Bush: Retirement age should be phased in to ’68 or 70’

[Dexter]

http://thehill.com/blogs/ballot-box/gop-primaries/243556-bush-retirement-age-should-be-68-or-70

Jeb Bush wants to push back the retirement age for Social Security by as many as five years. Instead of allowing Americans to collect full benefits at age 65, the former Florida governor and likely GOP presidential candidate suggested on Sunday that it should be pushed back to 68 or 70. “I think it needs to be phased in over an extended period of time,” he said on CBS’s “Face the Nation.” “We need to look over the horizon and begin to phase in, over an extended period of time, going from 65 to 68 or 70,” he added. “And that, by itself, will help sustain the retirement system for anybody under the age of 40.”

At the same time, Bush said that he would be open to cutting back benefits for wealthy people and their beneficiaries, a reform proposal known as means testing. “I think it ought to be considered, for sure,” Bush said. Social Security has often been blamed for contributing to the nation’s deficit, and has been considered unsustainable, especially by Republicans. GOP lawmakers have repeatedly talked about trying to raise the retirement age and restructure the benefit program in order to make the program more sustainable. So far, however, grand entitlement reform has remained elusive.

[kevindavis007]

I agree..

[raml]

Unless they reign in Welfare and Social security and those pesky political ear marks nothing they do will stop the growing debt of this country. I do believe it is to late to stop the destruction of our country's economy the debt just can't be sustained and without more growth in the business communities we are doomed to fail.

[mountaineer]

Exactly, raml. The problem is not so much those who paid into SS during decades of working (with the promise of having something there once they retired), it's those who collect benefits without having contributed a dime or made any effort to work.

[alicewonders]

Unless they reign in Welfare and Social security and those pesky political ear marks nothing they do will stop the growing debt of this country. I do believe it is to late to stop the destruction of our country's economy the debt just can't be sustained and without more growth in the business communities we are doomed to fail.

It saddens me to have to agree with you raml.  It's the government that needs to be reigned in, but there doesn't seem to be any way to be able to do that.  These lifetime criminals running our Federal Government are never going to let that happen and apparently, there aren't enough good citizens left that are even concerned about it.  Unfortunately, I don't see 2016 as a gamechanger here either.  I think it is more likely that even if the Republican party wins the presidency and has control of both houses - they will still be afraid of the media saying mean things about them.  They will still cower in fear and pander to lowest elements - for votes. 

I have to conclude that it is too late to turn this Titanic ship around.  The iceburg looms!

[aligncare]

.... and yet, to "fix" things, Bush proposes asking seniors to bear additional burden... rather than suggesting we eliminate some of the million-and-one programs upon which the fedgov extra-constitutionally wastes tax money. 

[Relic]

.... and yet, to "fix" things, Bush proposes asking seniors to bear additional burden... rather than suggesting we eliminate some of the million-and-one programs upon which the fedgov extra-constitutionally wastes tax money. 

The middle class has long been the target of the political class. The political class knows that to get any real money in a shakedown, they have to shakedown the middle class. The media is complicit, alternately trying to push or shame the middle class into accepting whatever BS is being pushed out by the political class.

Retirement at 68 or 70? Sure, that works out fine for people in low demand jobs, such as Congressman, or Senator. People in relatively static fields can get by on a career's worth of learning. I'm in IT. Not much chance of me making it beyond 62. If I do, 65 is tops. I just won't be able to keep up, I can see places where my abilities have eroded. Now, consider tradesmen. Construction workers often adhere to the model SS was founded under. They work until 62 and are so broken down, they die by 70.

Just more garbage from the political class, and the public will accept it.

[alicewonders]

No one ever suggests cutting welfare programs.  If they did extend the working age - it wouldn't help.  If they did raise taxes - it wouldn't help.  If they did import more voters/taxpayers - it wouldn't help.

If one extra dollar comes in - they will spend it for something new.  They will never fix anything......THEY are the problem.  Austerity for YOU - not for ME!

 

[andy58-in-nh]

I doubt there is any politically-feasible way to reform any mandatory government programs at this point.
 
Social Security was not founded as an entitlement, but since its trust fund has long since been replaced with the equivalent of (non-negotiable) IOU notes, it now depends on current revenue for distributions.  Additionally, the SSDI (disability income) component of the program is growing more rapidly than the base retirement obligation.
 
Effectively - it's now an entitlement, and any attempt to push obligations further ahead in time, no matter how well-considered and reasonable, will be met with fearsome resistance from a public whose tolerance for deferred gratification is shrinking even as our debt expands.