As Capitol Hill approaches a deal on the debt ceiling an economist says there’s a simple way for Americans to help erase the country’s debt: work for extra decade beyond the current retirement age of 65. Pippa Malmgren, who was financial market advisor to George W. Bush from 2001-2002, told The Takeaway on Thursday that "the bottom line" is that the U.S. "can fix our problems pretty easily, everybody just has to work ten years longer."
Mike Munger, professor of political science and economics at Duke University, says the plan may not be realistic or do enough to reduce the deficit.
Comments [12]
Work all your life and then die, with no reward for your efforts all this sacrifice from,"We the people", so that stinking thieving Globalist Banksters, can steal our joy and create debt that doesn't exist - but was due to them spending our money on their gambling and prostitutes!
This is not our debt it is made up debt as a little country like Iceland has pointed out and stood up to!
If I have to do this, I atl the very east would like the opportunity to punch a couple of Globalists' in the head!
John, Celeste, I'm sure you're perfectly willing to work until you're 75. But will NPR still want you around when you're that age?
The deficit in 2007 was about $163 billion. After Democrat budgetary leadership it is about $1.6 trillion and growing.
What is a society called when people are forced to commit more and more years of their life to the state in order to pay a never ending debt which was more than tripled by the recent actions of one political party and thereby making people ever more dependent on that political party?
How about asking a 75 year old naturalized US citizen who spent the best years of his or her life living in Eastern Europe in the 1960's and 1970's what they think of this great idea?
Only a sucker would work an extra 10 years to reduce the deficit. Any extra 14 trillion in savings over the decade would become 14 trillion in spending by congress leaving us in the same place we started except older.
Solving the Debt Crisis:
With much is given much is required. Our laws are structured by capitalist and they have profited from it at our expense. Our many of our law makers would be ethically operating with a conflict of interest in the private sector. That said, I would heavily tax the benefactors of the privately owned corporations who have made money from our laws and as suppliers to our government: Big Oil, Big Banks, Pharmaceutical Companies., Defense Contractors and Big Food Corporations. Our debt is proportionate to their profits. Follow the money! This business model has replaced slavery profits. To ask Americans to pay for it is not far from that business model.
If older folk hold on to jobs longer, young people in our growing population would have less opportunity to join workforce, what with improved business efficiencies and globalization...high unemployment rates and reduced safety nets, what a future.
I am so tired of hearing about Social Security being unfunded or in deficit. The Republicans used the word bankrupt for a long time. So the US has been bankrupt for 30 years since it has been in deficit. Meanwhile, you guys never mention that since 1983 Social Security has collected almost 3 trillion dollars more than it cost to run. So it has not contributed a penny to increase the deficit.
The "crises" is that our economy tanked, the free market failed miserably and we, the tax payers had to bail out Wall Street, the banks and the auto industry. Now, we're told on a daily basis that we have a debt crisis because saving those institutions did not bring the economy back for the majority. So now we have to sacrifice by working longer, or cutting Social Security, or turning it into a welfare program by means testing.
Same with Medicare. You never have people on who say the "crisis" in Medicare is that our whole medical system costs too much. You like having people on who say Medicare is "unsustainable." I don't need NPR to keep repeating right wing talking points. ABC is just down the dial and I can get right wing propaganda there.
Solve the debt problem? Well if a balanced budget amendment was passed in 1995, would we have a $14 trillion debt today?
Of course there is this ignored old chestnut:
"The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people".
In other words, the government will "let" American citizens work ten years longer exclusively for the government?
That 14.2 trillion in debt will continue to grow so presumably Americans will work longer for the government and keep less and less of their own money. Now may be an appropriate time to bring up the 14th Amendment and not just section 4.
When the Democrat Party talks about "reforming the revenue (tax) code" are they are talking about mortgage deductions, 401K accounts, VAT and other ways the gigantic government they created which is starving for cash can take advantage of free citizens. Now we are talking about means testing for Social Security which was supposed to be a trust fund for Americans and not a massive Ponzi scheme. Socialized medicine has us openly musing about rationing life saving care to the sick and elderly which we were told was not going to happen.
This is how uncontrollable and unconstitutional debt saps liberty and steals the freedom of future generations. An oppressive police state like China subsidizing the self-inflicted decline of the United States in the 21st Century is no laughing matter. Despite the laughter, this is a scary conversation.
What we're finding is that if we had more young people to work, we would have more GDP and fewer problems. The state indeed has an interest in human life, and in supporting and promoting families and children. (And it shows the inevitable and eventual results of abortion.)
Simply lift the cap and have every one contribute to social security. Then means test the top million for pay out. Just having raised the cap with inflation would of avoided the so called problem.
Should American employers be REQUIRED to keep seniors on the job till they are 75?
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