Wealthy CEOs Say Social Security Minimum Age Should be 70

Offers plan to raise minimum age and not raise taxes on wealthier individuals.

San Francisco, CA- Top executives of a business group have proposed reforming Social Security and Medicare, stating the enrollment age should be raised to 70 years, and simultaneously not raise the Social Security taxes paid by upper-income Americans.

The Business Roundtable represents nearly 200 Chief Executives from the largest United States corporations. The group recently urged Congress to add a “premium support” clause to Medicare, while pegging Social Security cost-of-living adjustments to below the inflation gauge, while raising Medicare charges for wealthier beneficiaries.

The strategy for “modernizing and protecting our social safety net” would reportedly save $300 billion in Medicare spending within the next decade, as well as make Social Security solvent for 75 years. According to the Roundtable, it will also promote a strong economic group, according to the groups estimations.

The proposal has come as President Barack Obama and Congress ready themselves for what will certainly be recharged battle over deficit reduction. Safety net programs, such as Social Security and Medicare, are more than likely to take center stage. The battle over how to handle them is likely one with little hope for a happy ending for the lower and middle class.

The CEOs have intended to pick their ideas to the White House and to congressional officials.

“We are calling on President Obama and Congress to look at our plan and enact a package of gradual changes that will provide economic and personal security for generations to come,” said Gary Loveman, CEO of casino and hotel company Caesars Entertainment Corp (CZR.O).

Social Security and Medicare, which were once considered untouchable by the United States politicians, are now ever-nearer to the chopping block due to the large percentage of the population reaching the age of entitlement.

Proposals for age-raising for Medicare eligibility and base Social Security payments on a slower growing “chained-CPI” have been a part of the discussion for the last handful of years now.

The Roundtable has stated that the age for Social Security should be moved to 70 for individuals currently aged 54 and under. The group has noted that the sluggish economic and job growth, would make it easier for the lawmakers to consider such a push, especially given the infighting in Washington.

 

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