Over a century of prior generations invested forward, only to have this single generation cash it all in (and take highly leveraged loans for future generations to pay, when the cash wasn’t enough).
Excess wages ($85K/year for a Packard auto plant employee to shuttle parts around on a cart). Early retirement. Guaranteed pension payouts that no private investor could match. (…)
They’re the narcissistic parasites who cashed it all in. The hell with this Boomer mandate that social security be treated as an untouchable third rail. Given the demographic data on boomer wealth, it’s time to match social security payments to actuarial models based on actual payments in, without interest (remember Boomers, you’ve rejected the opportunity to have such funds invested and earning interest).
It’s simple, but not easy:
I would abolish social security/CPP but if that doesn’t happen:
The retirement age must be raised to 80, today.
This will reflect the original intention of Social Security, when few people lived to be 65.