In order to address and improve the fiscal situation, the President of the United States Barack Obama created a commission to identify policies to improve the situation in the medium term, and to achieve sustainability over the long run. This National Commission on Fiscal Responsibility and Reform (often called Simpson-Bowles or Bowles-Simpson from the names of co-chairs Alan Simpson and Erskine Bowles; or NCFRR) came up with a draft of their lists of recommendations on how to reduce the budget deficit. Bowles-Simpson includes a variety of Social Security benefit cuts which one of them is to increase retirement age to qualify for social security to age 69 by 2075. And they also strongly in favor of eliminating subsidized student loans, in which
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Some people support raising the age of eligibility for full benefits to 70 or even 72 as a way to reduce the deficit or increase Social Security’s solvency. “American are living longer, which means every worker is likely to have longer retirement, and therefore potentially be able to work for more years,” pointed a critic, Aimee Picci. (Aimee 2) Indexing the retirement age would allow them to receive more according to some people from social security, she pointed out. While this might seem like a good point, the fact is “raising the age of retirement age represents a reduction in benefits: Because the monthly payments a person receives grow bigger the later in life he or she retires.”( Teresa) However, a better argument against the proponents of increasing retirement age because of lifetime expectancy mentioned that there is a strong correlation between longevity and income.(NCPSSM) That is to say people who are more likely to benefits from this are the wealthiest, and not people who have physical demanding jobs. That means more blue collar will be faced with lower Social security during their retirement years, and some may be suffering from ailments from the impact of working additional years to hold out until
Some people support raising the age of eligibility for full benefits to 70 or even 72 as a way to reduce the deficit or increase Social Security’s solvency. “American are living longer, which means every worker is likely to have longer retirement, and therefore potentially be able to work for more years,” pointed a critic, Aimee Picci. (Aimee 2) Indexing the retirement age would allow them to receive more according to some people from social security, she pointed out. While this might seem like a good point, the fact is “raising the age of retirement age represents a reduction in benefits: Because the monthly payments a person receives grow bigger the later in life he or she retires.”( Teresa) However, a better argument against the proponents of increasing retirement age because of lifetime expectancy mentioned that there is a strong correlation between longevity and income.(NCPSSM) That is to say people who are more likely to benefits from this are the wealthiest, and not people who have physical demanding jobs. That means more blue collar will be faced with lower Social security during their retirement years, and some may be suffering from ailments from the impact of working additional years to hold out until