Over at e21, Chuck Blahous – of the Hoover Institution and one of the Social Security public trustees – writes about some of the shortcomings of the Gang of Six's approach to Social Security reform, concluding that "the current Gang of Six framework is a considerable step backward from bipartisan Social Security reform." It's hard to summarize Chuck's piece beyond that, so I'd encourage others to read it in full. I pretty much accept Chuck's overall argument and wish the 6 could have done more.
Friday, July 22, 2011
The Gang of Six: a setback for Social Security reform?
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The Gang of Six's proposal is unfair and does nothing to correct the Social Security problem. I was on an Amtrak train for over 61 hours sitting with many seniors. They began the conversation and I listened for a while. None of them actually knew how SS-OASI worked, what they paid or if they would get more out of it than they paid in. May referenced either TV or radio sages as experts and the others listened and believed politicians.
After about 15 minutes I had changed the minds of every senior there. In fact, they looked pretty glum about the whole thing. They changed their tune when they realized their children and grandchildren were suffering from the significant payroll taxes that they themselves did not have to pay for most of their working lives.
It is only a matter of time before Social Security implodes. IT is becoming ever more evident that young people are becoming more involved. Three groups have contacted me and asked me to critique their plans. It has taken months of communication, but they now realize there is no painless solution. They also realize that every proposal out there is similar to the Gang of Six's proposal; basically grandfathering in those receiving and close to receiving as being very unfair. If there is a problem why not change it now instead of phasing it in and making it worse.
With over 117 million potential voters under age 46, they are going to easily, when push comes to shove, out vote the combined boomers and seniors.
The AARP is beginning to realize they are small in total numbers, similar to the movie Ants where the grasshoppers, though large, were greatly out numbered when ants were cornered.
Every proposal that I have seen puts the burden on the young. Keep pushing and they will strike, maybe repealing the social security act completely!
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