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Elderly man with cane
He'd be on his way to work, if the Business Roundtable has its way.
The nation's leading CEOs think they've got the solution to deficit reduction: make older Americans pay. A lot. The Business Roundtable has a new entitlement reform plan, and adds insult to the injury to all the older people they've laid off during the recession by recommending the eligibility age for Social Security and Medicare be raised to 70. But that's not all.
The group wants a slew of other changes as well: higher premiums for wealthy beneficiaries, chained CPI and more private competition for Medicare and private retirement programs.

“Even though most of these modernization initiatives would be phased in gradually, the immediate benefits would be enormous. First, they would put Medicare and Social Security on the sound financial footing needed to provide a sustainable retirement safety net. This would represent a major step forward in reducing the growth of government spending,” Gary Loveman, CEO of Caesars Entertainment Corp. and Business Roundtable participant, wrote in the Wall Street Journal.

We all know what a sound footing the stock market has been on for the past decade, so yeah, definitely let's put more retirement money into the market and more health care dollars into the private insurance program. Because there's guaranteed profits there, and never mind that Medicare is able to hold down cost increases much more effectively than the private insurance system. And never mind that the people you'd be forcing to wait for Medicare eligibility who can't work until they're 70 would be forced into Medicaid or onto the health exchanges. Where, because they're older and generally sicker, they'd be raising the costs for insurance companies which would then, of course, raise premiums for the whole population. If you think the health care system we have now is a shambles, just wait to see what happens if people can't get Medicare until they're 70.

Which proves yet one more time that these CEOs, like their lapdog Republicans, don't care about the deficit. Not a bit. They care about money. They care about siphoning all that money that is going into the Social Security and Medicare taxes you pay into their pockets. Period.

Originally posted to Joan McCarter on Fri Jan 18, 2013 at 08:44 AM PST.

Also republished by Social Security Defenders and Daily Kos.

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