Krugman: Nikki Haley is Out to Get Your Social Security - AMAC & The New York Times
It seems like a line straight out of every Democrat politician’s playbook, that GOP Candidate (fill in the blank) is coming for your Social Security. But this is noted economist, though far left indeed, Paul Krugman. His NYT op-ed suggests former Ambassador and GOP presidential candidate Nikki Haley is still a longshot to beat Trump. Still, he criticizes her for wanting to raise the retirement age, noting it would promote more inequality, with this line: “…aging janitors must keep working (or be cast into extreme poverty) because bankers are living longer.” Krugman ignores two facts, however: that we’re living almost 20 years longer than when Social Security began (with only one change to full retirement since then and at just two years), and that beneficiaries get back everything paid in payroll taxes plus interest in 4-5 years. He cites a familiar leftist refrain that Social Security just needs a few tweaks to prevent insolvency. He notes “more revenue” is need, which translates to higher taxes. Krugman does note Medicare faces issues too, but notes health care costs could always grow more slowly, hardly a prescription to save that program from insolvency. Readers can see the full op-ed here.
As an example of the leading thoughts on reforming Social Security, the Association of Mature American Citizens (AMAC, Inc.) believes Social Security must be preserved and modernized. This can be achieved without tax increases by slight modifications to cost of living adjustments and payments to high income beneficiaries plus gradually increasing the full (but not early) retirement age. AMAC Action, AMAC’s advocacy arm, supports an increase in the threshold where benefits are taxed and then indexing for inflation, and calls for eliminating the reduction in people’s benefits for those choosing to work before full retirement age. AMAC is resolute in its mission that Social Security be preserved for current and successive generations and has gotten the attention of lawmakers in D.C., meeting with many congressional offices and staff over the past decade.