A New Idea That's Going Nowhere
This idea is going nowhere but Ezekiel Emanuel authored an op ed piece in the New York Times yesterday advocating that full retirement age for Social Security be raised on some sort of sliding scale based upon "lifetime wealth" which he defines basically as lifetime earnings covered by the F.I.C.A. tax. Full retirement age stays where it is for lower income people but raises for higher income people.
I see few Democrats interested in this since it is a back-handed way of means testing Social Security and means-testing Social Security would undermine its support. I see few Republicans interested in this since it discriminates against high income individuals. Republicans already have problems with the graduated income tax.
By the way Ezekiel Emanuel does not seem to know that full retirement age is already set to rise to 67 under current law. And also by the way, yes, Rahm Emanuel is his older brother and the two frequently disagree.
Labels: Retirement Policy