Some GOP leaders want to “save” Social Security and Medicare by increasing the retirement age. As I noted in a previous post, this was already done in 1983. Does it make sense to do it again?
It’s too late! The demographic problem that is causing the Social Security shortfall (the one that was fully anticipated 40 years ago) is the size of the Boomer generation relative to the number of taxpaying American workers. Many of the Boomers (like me) have already retired; all of them will be eligible for Medicare by 2029 and Social Security by 2031. A slow increase in the retirement age cannot, therefore, address this issue. The horse is already out of the barn.
The logical ways to deal with the Boomer problem are to get rid of the earnings cap, do a better job of controlling medical costs, and encourage young people to immigrate here. Period.