In a major
policy address today at a nearly empty Ford Field, Mitt Romney promised that if he is elected President that he would "slowly raise the retirement age" and "slow the growth in benefits for higher-income retirees" meaning that he wants to means test benefits. He believes that saying this will help him get elected President. Most people believe he's the most electable Republican.
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ReplyDeleteI can at least understand the math on raising the Social Security retirement age. But raising the Medicare retirement age is one of those dumb Republican ideas that was obviously never vetted by an actuary. The reason Part B premiums are increased of the beneficiary doesn't enroll in Part B at age 65 is because the younger population of Medicare beneficiaries use less in benefits than they pay in premiums. Taking 65-67 year olds out of the equation makes Medicare financing worse, not better. It's sort of like a life insurance company saying, "In order to increase our profit margin, we will no longer sell life insurance to anyone under the age of 30."
ReplyDeleteGood comment on Medicare age.
ReplyDeleteIn the former Soviet Union, miners retired at age 50 or 55. At least, if they survived to such an age.
ReplyDeleteMitt, it is not hard to do you former take-over-a-company-and-fire-the-workers, be a college prof {or ALJ} into the 70s and 80s, but it is another thing to do heavy construction, carpenter, mason, plumber, laborer, over the road truck driver, miner, etc. (including the "Dirty Jobs" cable TV host & camerapeople?), when the body gets into the late 40s, 50s and 60s. There are still a lot of people who do hard physical work in this economy and after a time are just worked-out in body and health. Beyond this are people that are mentally fedup with their job and work in general after too many years.