From Ten Reasons Not to Cut Social Security Benefits: In the past, many workers could rely on so-called defined benefit pensions provided by their employers, which promised retirement payments based on a worker’s salary and years of service. In the private sector, those once common pensions have all but disappeared. To a large extent, they …
Average life expectancy increasing – but for whom?
From Ten Reasons Not to Cut Social Security Benefits: The main argument for hiking the Social Security retirement age—which amounts to an across-the-board benefit cut of about 7 percent for each year it is raised—is that average life spans are increasing. But longevity improvements are highly concentrated among upper-income and well-educated Americans. Over the past …
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Social Security is not responsible for federal deficits
From Ten Reasons Not to Cut Social Security Benefits: Federal budget deficits currently are unusually high, but Social Security bears no responsibility for today’s shortfalls. Keep in mind that the federal government was experiencing budget surpluses at the end of the 1990s, but those quickly were transformed into deficits early in the 2000s because of …
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