Despite the evidence in the chart above the consensus among establishment types - meaning the governing and chattering classes in D.C. - is that "entitlement reform" must be addressed. That, of course, means cut Social Security, cut pensions, cut food stamps (by adding unachievable work requirements), cut Medicare (by privatizing, etc.). Entirely wrong in my view. Social Security is already low and any shortfall should have been made up by taxing upper incomes starting back in the Clinton era. - gwc
Off the Charts Blog | Center on Budget and Policy Priorities | Social Security Benefits Are Modest by International Standards:
Social Security already has a number of money-saving features that European nations areemulating, such as an early-retirement age that’s higher than many other countries’ (62), lower benefits for people who take early retirement, a high and rising age for full benefits (66, soon to be 67), and a bonus for people who delay retirement.
U.S. seniors are also much more likely to work than their peers in most other developed countries, as we’ve noted.
The moral? Our seniors already work harder and get lower benefits than their counterparts in most other rich countries. So imposing big benefit cuts on ordinary seniors would be the wrong way to restore solvency to this popular and essential program.
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