Wednesday, June 03, 2009
Heritage Foundation hints at need for social security "means testing"
Today Heritage Foundation president Edwin Feulner, on the Perspectives page of the June 3 Washington Times, wrote a piece called “Urgency vs. duty of Constitution” and suggested that lawmakers raise retirement age and “focus future benefits on those who need them”, which, for a conservative, sounds odd, admitting that FICA really be accepted as a “tax” and not an annuity premium. But he also suggested the transition to managed private accounts. Feulner writers that Congress would have to invest $7.7 trillion today (several times the size of last fall’s bailout, and more than twice “what the federal government would spend this year on everything it buys”) to make good on all of social security’s promises for the next 75 years.
It does seem that the means testing is focused on future retirees. But it raises another ethical question. Some retirees could work today, even in the bad economy, of benefits were “expropriated” from them, but they might be forced to pander themselves in areas that they do not believe in to make ends meet. There is a bit of pride in this.
The link for the column is here.
Note: It's OK to look directly at the Sun in my "star trek" picture. It seems a bit M-star-like to me.