Wednesday, October 27, 2010

If GOP wins House back, we'll see Majority Leader John Boehner's (confusing) ideas on social security

The media are all speculating about the prospect of Representative Jon Boehner of Ohio becoming the House Majority Leader for the 112th Congress, since Democrats seem to be doing badly in the House races, at least in October.

Once again, it’s good to reiterate Boehner’s calls for raising the retirement age to 70, indexing to the CPI, and eventual means testing, apparently starting with workers in their 50s now. (Would he let these workers "privatize" and take ownership of their already-collected contributions to keep them from expropriation?) An article by Michael O’Brien on “The Hill” site has a typical story with a video from a Pittsburg paper:



As I’ve noted, social security benefits are largely, although not wholly, funded by worker’s own contributions through FICA taxes based on earnings, so they already have the attributes of private annuities.

Boehner’s own site doesn’t seem to say this, and actually has an interesting article on the preservation of retirement pensions to union employees of the bailed out GM, but not to salaried retirees of Delphi, as in this entry. Boehner has also noted that in general workers have more control over their retirement income than in the past, a contention that one could certainly dispute.

The Eight District is north of Cincinnati. The picture, however, is the Oberlin Inn (recent trip).

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