Labor Day Irony: The People Who Want to Cut Social Security All Have Great Retirement Plans

[Joanne98]

Events of the last week have made the Deficit Commission an embarrassment. Co-Chair Alan Simpson is a one-man disaster movie, compulsively offending one key voting bloc after another. Commission member Paul Ryan faced an angry crowd over his anti-Social Security stance, while another Commissioner locked experienced workers out of a nuclear facility rather than provide retirement benefits.

That's right: He's cutting retirement benefits.

But if the political blowback is obvious, here's what isn't: The Commissioners who are determined to cut your Social Security benefits are going to enjoy their own retirements in comfort. Their own pension plans insulate them from the fears that many other Americans face, and they don't have the professional expertise that would help them understand those concerns. In fact, the Commission's only expert on retirement is Rep. Jan Schakowsky, and she apparently opposes benefit cuts. The rest of the Commission is dominated by people who've expressed their desire to cut Social Security, despite their own secure futures. Millions of working Americans who have contributed to Social Security all their lives will lose out if these Commissioners have their way.

Happy Labor Day.

Normally I consider it off-limits to discuss people's personal finances when discussing their political opinions. But these Commissioners' lack of subject matter expertise, along with their lack of empathy, is important. If you don't know much about the topic and are protected from the problem, what makes you credible? Their pre-established prejudices makes the situation even worse, and their own situations underscore the irony of their self-professed willingness to make "brave choices" - choices whose consequences will mean little or nothing to them.

The Commission's Social Security obsession is odd anyway, since the projected Social Security shortfall comes out to only 0.7% of GDP. Nevertheless, these Commissioners have made their benefit-cutting intentions plain, presumably because they want to offer up America's seniors as a sacrifice to the bond markets. So how will these would-be income-slashers for the elderly make out in their own golden years? They'll be golden.

Consider Commissioner Alice Rivlin. Rivlin co-authored a paper that called for raising the retirement age and other benefit cuts, and recently released a specious paper about "Saving Social Security." As a former HEW Undersecretary, CBO Director, White House Budget Director, and Federal Reserve Vice Chair, she will presumably enjoy a comfortable retirement supported by multiple public pensions. Says Rivlin: ""We can't get out of this problem without doing both spending cuts, especially slowing the growth of entitlement, and tax increases."

http://www.huffingtonpost.com/rj-eskow/labor-day-irony-the-peopl_b_705127.html

OMG! He went there!

[AndyA]

1. Of course, We the People would expect all of our elected representatives to take similar

cuts in their benefits as well. After all, we're all in this together and it would be hypocritical and unethical to cut others benefits while you retain all of yours.

Right?

[zipplewrath]

2. It could be interesting "blow back".

Corporate America has been getting rid of the "defined benefit" retirement plans. Fine, but that will put more pressure on the feds to provide a more robust Social Security plan. At one time it was considered a "supplement" for most, and a backstop for the rest. When the majority suddenly has to provide for their own retirement plans, they may want Social Security to be more than a "back stop" and may push for more generous SS plans, on the backs of corporate America.

Karma is a bitch.

[iamtechus]

3. You're talking about the "Deficit Commission", right?

Social Security has nothing whatsoever to do with the deficit! SS funds are separate from the budget and it must pay its own way, which it does quite nicely.

http://delmontpda.wordpress.com/2010/08/15/top-5-social-security-myths-debunked/

[old mark]

4. No irony to it - they are just typical politiciians - trash. nt

[Faryn Balyncd]

5. K&R