One of the bigger stories coming out of our nation’s capital—besides the November elections—is a political battle over Social Security. This is not, of course, a new battle. It’s a decades-old battle. It has been covered plenty in this space. Is the government program broken? Is it running out of money? Should younger workers be allowed to invest a portion of their payroll taxes in private accounts?
Now a bipartisan commission assigned by President Obama in February to look at ways the government can reduce the estimated $1.3-to-$1.5-trillion deficit is thought to be considering some sort of adjustments to Social Security. What these adjustments might entail is hard to say. The commission doesn’t issue its final report until December 1 so right now it’s all vague conjecture. House Minority Leader John Boehner (R-Ohio) suggested in June that the retirement age for the government insurance program be raised to 70. Fearing a cut in benefits, a progressive group called Campaign for America’s Future has started a crusade behind the message, “Hands Off Social Security.” As of press time, 105 members of Congress and 13 candidates for office have signed a pledge to oppose benefit cuts.
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