11/10/2010

Deficit Commission wimps out on Social Security Reform

A one year increase in retirement age to occur in 2050 is simply not credible. Obama's appointed commission has to do something more to deal with the $110 trillion unfunded liability facing Social Security.

The co-chairmen of the panel appointed by President Obama to cut the U.S. deficit recommend raising the retirement age to 68. It is currently 67 years old for full benefits. The pane leaders also propose reducing the annual cost-of-living increases in Social Security.

Reuters reports that the increase to age 68 would be implemented by 2050 and then would increase again to 69 by 2075, according to a source who spoke on condition of anonymity to Reuters. A "hardship exception" would be provided for members if certain occupations where older retirement would be unrealistic, Reuters reported. . . .

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