Friday, October 28, 2011

Social Security and the ‘Super’ Committee - Reducing Retirees' Risk

Richard W. Walker the National Center for Policy Analysis (NCPA) COO sent me an email outlining a recommendation which his organization recently provided to the U.S. Congress’ so-called ‘Super’ Committee. NCPA
says it’s a solution for Social Security.

… Let future retirees start saving for their own retirement.
Our recommendation calls for everyone at age 55 or older to receive all promised Social Security benefits.  Everyone else with at least 35 years of full-time work would be guaranteed a minimum level of return.  If any qualifying worker's total benefit falls below the minimum, the federal government would supplement that worker's benefit.  So individuals have responsibility for their own retirement, but Social Security provides exactly what it was intended to be: a safety net.
NCPA’s recommendation sounds similar to Congressman Paul Ryan’s FY 2012 federal budget plan. It sounds very reasonable and straightforward in dealing with the future of the Social Security Program. Amazingly, the Democratic Left in Congress just wants to keep the status quo and refuses to acknowledge or to deal with future woe …

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