A fight for social security could be imminent, according to former Senator Alan Simpson, a Republican from Wyoming, who co-chaired the bipartisan deficit and debt commission put together by President Obama, with Erskine Bowles.
The two put together reports that would both cut spending and reform taxes, but they were largely ignored, according to US News. Now, AARP has decided to fight back for Social Security, setting up advocacy campaign You’ve Earned A Say.
The group has made a dozen proposals, urging liberal and conservative experts to analyze them. These proposals include: raise the full retirement age, longevity indexing, Recalculate the COLA (cost of living adjustment), increase the payroll tax cap, eliminate the payroll tax cap, reduce benefits for higher earners, increase the payroll tax rate, tax all salary reduction plans, cover new state and local government workers, benefit improvements, increase the years used to calculate initial benefits, and begin means-testing Social Security benefits, according to US News.
News Chief reports that both Simpson and Bowles were able to figure out a way to avert the Social Security disaster by gradually slowing the growth in benefits, while not reducing current benefits. They also suggested slowly raising retirement ages, as well as have people who make more contribute more to payroll taxes.
In the upcoming election, US News reporter Phil Moeler urges:
“With national elections less than five months away, it is incumbent on older voters to know where their candidates stand on these possible Social Security changes. Press them for detailed proposals and not just bromides about supporting our nation’s seniors.”
Check out more information about the fight to keep Social Security here: