How the Republicans Will End Social Security
by John Lawrence
They will not end it abruptly with a bang. No, that would be too noticeable. They will start by leaving it intact for those receiving it already, and those about to receive it ... say 55 years old and older. Then for every year of age younger than 55 they will decrease the amount received by 2%. So those 54 year olds will only receive 98% of what they should have received. 50 year olds will receive 90%. 40 year olds will receive 70%. 30 year olds will receive 50% and so forth.
At the same time Republicans will increase the age at which one can receive social security. Right now the full retirement age is 66. You can start receiving social security at 62, but you will only get 75% of the full amount. They will probably raise the full retirement age by one year every couple of years. So in ten years the full retirement age will be 71. In 20 years it will be 76 and so forth. So by the time a 30 year old reaches the age of 60, the retirement age will be 81 - only 21 more years to go to receive social security!
This is the "boiling a frog" strategy. You put a frog in lukewarm water and the frog is happy. Then you gradually start raising the temperature. The frog is still happy because the change is so gradual. As the temperature reaches the boiling point, the frog would like to jump out but is helpless to do so. So the frog gets boiled whereas if you put the frog in a pot of boiling water to begin with, it would have jumped right out because of the shock. Likewise Republicans will change social security so gradually that no one will really be able to catch on or get too excited about it until it's totally eliminated. Then they'll say, "Wha Hoppened?!"Thus Republicans will have accomplished their goal. A 30 year old will have to wait until the age of 81 and then get only half of what a social security recipient gets now at age 66.
If the inflation rate is 2% per year, in 50 years costs will have increased by 100% or doubled so a 30 year old will pay twice as much for goods and services while getting half as much social security as a social security recipient gets now. I doubt that Republicans will allow for a COLA.