{"id":2073758,"date":"2023-10-20T05:48:01","date_gmt":"2023-10-20T09:48:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/retirement-age-rise-a-tough-political-sell-despite-social-security-funding-scare\/"},"modified":"2023-10-20T05:53:50","modified_gmt":"2023-10-20T09:53:50","slug":"retirement-age-rise-a-tough-political-sell-despite-social-security-funding-scare","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/retirement-age-rise-a-tough-political-sell-despite-social-security-funding-scare\/","title":{"rendered":"Raising retirement age a tough political sell despite Social Security funding scare."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fretirement-age-rise-a-tough-political-sell-despite-social-security-funding-scare%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2073758&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Amid Rising National Debt and Fiscal\u200c Concerns, Raising Retirement\u2063 Age Gains Attention<\/h2>\n<p>With the national debt on the rise\u200d and worries about\u2062 the financial stability of Social Security, \u200bthere is growing interest in the \u200bidea of raising the retirement \u200bage as a solution. However, this\u2064 would\u200d be a challenging task from a political \u2063standpoint.<\/p>\n<p>The combined reserves of the Social Security trust fund\u200d and\u200d the \u200dDisability Insurance Trust Fund are projected to be\u2063 depleted by 2034. \u200bAs \u200ca \u2064result, economists \u2064and lawmakers \u200bare proposing significant changes to the old-age social insurance \u2064program established in 1935. \u200cOne proposed adjustment\u200b is to raise the retirement age from \u200b67, \u2063effectively limiting benefits to older individuals.<\/p>\n<h3>Improving Fiscal Stability and \u200cRetirement Security<\/h3>\n<p>According to Charles Blahous, a senior economic \u200badviser and public \u2063trustee \u2062of Social Security and Medicare, raising the retirement age would not only\u2063 reduce\u200c the \u200bbudget deficit and national debt but also enhance the long-term \u2062financial health of Social Security. This change\u200c would ensure that future seniors \u200ccan access \u2063the funds they \u2062have contributed throughout\u2062 their working lives. Blahous emphasizes the importance\u200b of this adjustment from both a fiscal and retirement security\u2063 perspective.<\/p>\n<p>The \u2063insolvency of \u2063Social Security \u2063is partly \u200bdriven by \u2062declining birthrates and the decreasing ratio \u2062of workers to beneficiaries. \u200dBlahous points out that the system does not account for changing demographics, which further strains its sustainability.<\/p>\n<h3>The \u200dImpact\u200d of\u2062 Raising the Retirement Age<\/h3>\n<p>Currently, individuals\u200c can start\u200d claiming \u2062Social Security \u2064benefits at two different ages: the early \u200beligibility age and the full retirement\u200d age. Early \u2062eligibility\u200d begins at\u200c 62,\u200c while the full retirement age is \u200bset at \u206467 \u200c(or 66 for those\u2062 born before 1955, gradually increasing to 67 for those born up to \u200b1960).<\/p>\n<p>However, Andrew G. Biggs, \u200ca senior fellow\u200b at the American\u200b Enterprise Institute, argues that even \u200draising the retirement age\u2063 to 69 would \u2063not fully address Social Security&#8217;s funding issues. This adjustment would only cover a fraction of the program&#8217;s\u200d long-term funding gap.<\/p>\n<p>While delaying\u200b retirement could have positive effects on the\u200c macroeconomy, such as <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/exclusive-par-for-the-course-former-cbo-director-says-white-house-attacks-on-report-are-classic-partisan-pushback\/\" title=\"EXCLUSIVE: \u2018Par For The Course\u2019: Former CBO Director Says White House Attacks On Report Are Classic Partisan Pushback\">increased tax revenue<\/a> and higher savings for \u200cretirement, there are also drawbacks. Critics \u2064argue that the increases in life expectancy have not been\u200d evenly distributed, with <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/retirement-age-rise-a-tough-political-sell-despite-social-security-funding-scare\/\" title=\"Raising retirement age a tough political sell despite Social Security funding scare.\">wealthier\u200b individuals \u2064experiencing greater longevity<\/a>. This raises concerns that raising\u2064 the retirement age would disproportionately affect lower-income \u200bindividuals who would be subsidizing a problem they did not cause.<\/p>\n<h3>The Challenges \u2064of Social Security Reform<\/h3>\n<p>Implementing changes to Social Security is\u200d politically \u200cchallenging.\u200b In\u200b the past, bipartisan agreements were necessary to address \u200bfunding shortages, as seen in the 1983 law enacted\u2062 by President Ronald Reagan and \u2062Democratic House Speaker Tip O&#8217;Neill. However, in today&#8217;s divided political landscape, achieving bipartisan reform seems unlikely.<\/p>\n<p>Lawmakers \u2062are reluctant to run\u2062 on a platform of \u2063changing the \u2064eligibility \u200dage, and few \u200bare\u200c willing \u200bto take the necessary \u2064steps to address Social\u200b Security&#8217;s financial \u200cstruggles,\u2063 which could involve tax increases, slower benefit growth, \u200dor a combination of measures.<\/p>\n<p>Delaying action until the 2030s would make\u2062 it \u2064nearly impossible to devise a credible plan to address\u2062 Social Security&#8217;s structural problems,\u200c warns \u2064Blahous. Policymakers have been \u2063aware of \u2062the trust fund&#8217;s\u2063 projected \u2062depletion since the 1990s, yet little \u200baction has been \u2064taken due\u200b to a\u2063 lack \u200cof political will.<\/p>\n<p>Ultimately, the challenge \u2062lies in\u200c finding a balance between ensuring the program&#8217;s long-term\u2064 sustainability\u200c and \u200caddressing \u200cthe concerns of both\u200c beneficiaries\u2064 and\u200d policymakers.<\/p>\n<p><strong>Click here to read more from the Washington Examiner.<\/strong><\/p>\n<p> <\/p>\n<h2> What alternatives should be considered instead of \u2063raising the retirement age \u2062to\u200b address fiscal concerns surrounding Social Security<\/h2>\n<p><span>  E Institute, \u200bargues that\u200c raising the retirement age may disproportionately affect <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/under-trump-americans-have-seen-their-best-wage-growth-in-40-years\/\" title=\"Under Trump, Americans Have Seen Their Best Wage Growth In 40 Years\">low-income workers<\/a>. According to Biggs, workers\u2064 in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/black-americans-sue-u-s-farms-for-replacing-them-with-foreign-workers-its-like-being-robbed-of-your-heritage\/\" title=\"Black Americans Sue U.S. Farms for Replacing Them with Foreign Workers: 'It's Like Being Robbed of Your Heritage'\">manual labor jobs<\/a> often have shorter lifespans and may not be able to continue working until the new retirement age. This could result in greater financial hardship\u2064 for these individuals as they \u2062wait longer to access Social\u2063 Security benefits.<\/p>\n<p>Another \u2062concern is the potential impact on individuals with physically demanding jobs or those in poor health.\u200b Raising the \u200cretirement age could force these workers to continue working despite their declining physical abilities or\u200b health issues.<\/p>\n<p>Furthermore, critics argue that raising the retirement \u2064age may not be a sustainable solution in the long run. As life\u200b expectancy continues\u200c to increase, \u200dindividuals may simply spend more years in retirement, thereby\u200d offsetting any financial gains made by\u200d raising the retirement age.<\/p>\n<h3>Political Challenges and Public Opinion<\/h3>\n<p>Any proposal to raise the retirement \u2063age is likely to face significant political challenges. Social Security is a deeply\u2062 cherished program that provides financial security\u2062 for millions of Americans. Raising the retirement\u200c age could be seen\u2063 as placing an additional burden on workers and retirees \u2063who have already contributed to the system.<\/p>\n<p>Public opinion on this\u2062 matter is also divided. Some argue that raising \u200bthe retirement age is a necessary step to ensure the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/republicans-go-to-war-against-joe-bidens-450k-payouts-to-border-crossers-civilizational-homicide\/\" title=\"Republicans Go to War Against Joe Biden's 0K Payouts to Border Crossers: 'Civilizational Homicide'\">long-term viability<\/a> of Social Security and address fiscal concerns. Others believe that it would be unfair to ask individuals to work longer, especially those in physically demanding or \u200dlow-income jobs.<\/p>\n<h3>Exploring Alternative\u200d Solutions<\/h3>\n<p>While raising the retirement age is one potential solution, other alternatives should also be considered. Some\u200c propose increasing the payroll tax\u2063 rate or raising the income cap on taxable earnings to generate additional revenue for Social Security. Others suggest adjusting the benefit formula to \u200breduce the size of monthly payments.<\/p>\n<p>In conclusion, the idea of raising the\u200b retirement age is gaining attention as a potential solution to address rising national debt and fiscal\u2063 concerns surrounding Social Security. However, this proposal comes with its own set of challenges, including potential negative impacts on low-income workers and those in physically\u2064 demanding jobs. \u200bIt\u2064 is crucial to consider alternative solutions and engage in a comprehensive debate to ensure a sustainable and equitable \u2063future for Social Security.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>are expected to be depleted by 2035, prompting discussions on increasing the retirement age. However, implementing this solution would face significant political challenges due to concerns over the financial burden it would place on older workers.<\/p>\n","protected":false},"author":1,"featured_media":2073759,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2073758","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2073758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2073758"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2073758\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2073759"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2073758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2073758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2073758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}