The Iran War's Affect on Social Security's Future: Yes, They Are Now Related. - Marketwatch
“It's a mathematical certainty that the Iran war is going to have an enormous influence on the future of retirement in America.” This quote from MarketWatch finance journalist Brent Arends sets the stage for a realistic look at what the dramatic shift in the U.S. Senate will mean for discussions on Social Security reform in the 120th Congress and likely beyond.
Arends cites the election of at least six new Senators likely to offer views on correcting Social Security’s long-term financial problems that differ from many conservative positions. “That will be six more votes who are looking more at tax increases to fill the gap in Social Security, and less at benefit cuts,” Arends notes. In his MarketWatch post yesterday, which you can read in full here, Arends discusses the pros and cons of payroll tax hikes, removing the taxable maximum, and changing the full retirement age, as well as raising corporate income taxes.
Arends’ article is a good primer on how the new voting mix in the U.S. Senate is likely to steer work on Social Security reform.
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