No we are not talking about climate change but rather about former Clinton Treasury Secretary Summers. So in the same conversation about the national debt Larry Summers weighed in on Social Security. Like the partisan demmy that he is, he is advocating for an increase in SS taxes. Neither Dems or Repubs like to pay higher taxes but most want to retire at the youngest possible age. If we don’t fix social security either current recipients are taking a huge hit in benefits or future tax payers are taking a huge increase in their SS taxes. A classic Ponzi Scheme.
When Social Security was created life expectancy was 64 and today it pushing 80. Many State and Government union employees can retire after 20 years of employment. But ask yourself out side of sports or entertainment who has had all of the high paying jobs? Answer the 73 million who just voted for Trump! The longer these folks have to work the fewer high paying jobs for people who voted for Biden. Of course the smartest choice is to just increase the retirement age to reflect the advances in healthcare that has been made over the hundreds years. But then someone in DC would have to grow a pair of testes or ovaries and that isn’t very likely to happen anytime soon!
And that is all I’m going to say about that.