Bloomberg

Democratic Group Would Cut Social Security for Top Earners
November 30, 2010, 12:01 AM EST
Nov. 30 (Bloomberg) -- A Democratic-led policy group is defying party history by proposing changes to Social Security to pave the way for recommendations this week by President Barack Obama’s deficit-cutting commission.

Washington-based Third Way said its plan would raise the retirement age, trim or eliminate Social Security benefits for high-income retirees, limit cost-of-living increases and provide money to help young workers create private retirement accounts.

The proposal, to be released after the presidential panel is due to issue its report tomorrow, is timed to help create a buffer for congressional Democrats to support politically unpopular deficit-trimming measures, said Third Way spokesman Sean Gibbons.















Comment - Well they paid into it too,this would be forcibly stealing money.

Redistribution of wealth is a core philosophy for Socialists and progressive Democrats, so wanting to trim or eliminate Social Security benefits for high-income retirees according to what's deemed 'fair' is no surprise.

"From each according to his ability, to each according to his need"
- Karl Marx

So you would pay into the social security system but your wealth would be redistributed to those more in need according to some arbitrary government standard.

Once this starts, the definition of "top earner" will continually be redefined until it covers a large portion of the population.

Who's FGM?

I think it's 100% horsecrap. Because I have a pension... they'll be cutting what they give me (if it's even there when I reach 62). That's BS. Either give me all my effin' money back, or pay me my full amount.

If I HAVE to pay into it (and I did for 23 yrs) then I want what I got coming.

4 Fishy that's YOU !

And this, folks, is why we need to privatize retirement plans. Eliminate gubment dictated Social Security.

The gubment will always screw you eventually. Run your own retirement and life.

Oh NOOOOOOOOOOO, so SCAWY!

[-o<

The whole thing is a mess.
It has taken years to get into the SSR hole we are in and it will take years to get out of it.

When this government Ponzi scheme started the avg life expectancy was about 67. Now it's somewhere more like 85. The whole thing needs to be put on a sliding scale to stay even with our increasing age or it will never be solvent. You won't hear that from your elected officials though.

DED