Sens. Mark Warner (D-VA) and Saxby Chambliss (R-GA) are expected to release legislation soon that would involve raising the retirement age to 69. Yet a new poll from Public Policy Polling (PPP) finds that one group that does not support these regressive cuts is the American people themselves. The PPP poll found that 77 percent of Americans would rather “pay Social Security taxes on salaries above $106,800,” essentially lifting the income tax cap, instead of seeing their “benefits cut and the retirement age increased to age 69.” Surprisingly, however, even 67 percent of self-identified Tea Partiers said they would rather raise the tax cap than cuts benefits and hike the retirement age.
Increasing the retirement age does nothing good for two important groups of people: 1) those who want to retire and 2) those who are unemployed and/or under-employed and are WAITING FOR PEOPLE TO RETIRE to, you know, free up a job or two.
It will be interesting to see how the GOP deals with the baby boomers and their new priorities, which will be retirement (and Social Security and Medicare) — after all, EVERY DAY for the next 19 years, TEN THOUSAND baby boomers turn 65 years old. That’s staggering: 10,000 each day for 19 years. Every 100 days, a million people hit 65.
This issue is just the tip of the baby boomer iceberg.