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View Diary: That Obama is a Real Kidder!! Putting Entitlement Cuts on the Table (14 comments)

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  •  Obviously, a bit hyperbolic above. But on a (0+ / 0-)

    more serious note . . .

    I've been reading for, oh, five plus years at least, in the business pages of many MSM newspapers, articles hyperventilating about the loss of 'the working class male' after their jobs were outsourced over the past thirty years.

    Apparently, the PtB thought that all these men would don a McDonald's cap, and work for minimum wage.  And that clearly didn't always happen.

    In some instances, those men near retirement age (fifties and above) whose wives were in the workforce, opted instead for early retirement.

    Bowles-Simpson recommends a "transitioned" early retirement, where you collect only half of your benefits at the ERA (early age retirement), as encouragement to stay in the workforce.  

    For the most part, most professionals will have still have their options open, even if this recommendation is passed and enacted.

    But for millions and millions of lower-income or working class folks, this policy 'reform' will surely mean that they will have to work until that reach full retirement age, since their monthly benefit would likely be insufficient to support them in (early) retirement.  Especially since there's a substantial 'hit' in monthly benefits for individuals who take early Social Security retirement.

    And, regarding the shift of healthcare costs to seniors--maybe the PtB also look at this as an 'incentive' to work much longer.

    If they enact the changes that they're talking about, Medicare as an insurance program won't look any more attractive than group insurance through an employer or the Health Exchange.

    Not to mention, if lower income middle-aged folks become saddled with huge medical bills, their option of full retirement at any age, diminishes greatly [except for the most ill and infirm].


    "Only he who can see the invisible, can do the impossible."-- Frank L. Gaines


    by musiccitymollie on Sat Mar 30, 2013 at 03:52:34 PM PDT

    [ Parent ]

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