Raising Social Security retirement age – one of the answers to the latest poll about Social Security offers the choice of raising the retirement age. Probably a lot of people don’t yet realize they already did this in 1983, figuring people would not notice until they get closer to 65.
http://ftp.ssa.gov/pubs/retirechart.htm
If you were born after 1960, your retirement age is 67 years old. You can still retire at 62, but your benefits are more reduced than they would have been if you were part of “the greatest generation” who set up this unsustaintable intergenerational theft system
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Don’t be surprised if means testing becomes part of Social Security. Just another way of redistributing the wealth. Blame Franklin Roosevelt for the Social Security’s implementation, and Lyndon Johnson for its current state of disrepair. Johnson was the president who started stuffing the “lock box” with IOUs so that he could double-book Social Security revenue and use it to fund his Great Society programs. Had any CEO in the private sector done that, he or she would be spending a relaxing 20 years in “Club Fed.”
After the USA’s credit rating is reduced, and they can’t borrow at the good rates, look for lots of rhetoric about the “dangers” of the stock market and how “working families” must do “their part” in providing for their own future. This talk will be followed by talk of how Social Security is meant to provide the largest part of a stable retirement (even though it was not intended to do so) and that the US Government is the most stable investment…why else would other nations choose US Government securities for their own purchases?
This talk will go on to begin establishing the case for the confiscation / “mandatory investment” of private IRAs and the like. As I’m sure most of the readers of this page know, it’s already being openly discussed.
The government will sell it as free from the “risks” of the capitalist market and a sure fire way to help “working Americans” to do “their part” to provide for their own future (or some other twisted logic).
USA then pays a paltry, but “secure” rate on the returns ,”working Americans” are now free from the nasty risks of the free market and the government no longer has to worry about the loss of AAA credit status. They’ll force us to loan them money instead. I’m surprised it’s taken this long for them to make a move for our private retirement funds. After all, they are only trying to help us….