Senate candidates like Florida-elected Marco Rubio partly campaigned on the issue of raising the age of retirement to 70 from it's current age of 65-67. Another complaint reverberating from his supporters, though...
Senate candidates like Florida-elected Marco Rubio partly campaigned on the issue of raising the age of retirement to 70 from it's current age of 65-67. Another complaint reverberating from his supporters, though, is that state workers jobs are overly protected and held by under-qualified employees due to seniority. What if there were a way to make jobs more available, tighten the labor market and increase Social Security income?
It's speculated that lowering the retirement age could be a more powerful stimulus. Current baby boomers (including state employees) would be dismissed (by choice), while work will open up for college and high school graduates that can't find jobs. Graduates can pay off their student loans sooner and if fewer people are searching for jobs the labor market tightens, which creates higher wages. Higher wages rakes in higher tax revenues; income which would pay for Social Security. The incentive for retirement is to increase benefits by 10-20%, equating benefits with America's inflation rate.
A reasonable explanation, so why is it the GOP continues to tout the opposite?
Candidate Nicholas Ruiz from Florida addresses this issue in his 2010 debate here.
~ More from Leaflet on her blog