by guest blogger Jeff Sullivan
The U.S. government is running a budget deficit. That should not be news to anyone reading this column, nor should it be news to anyone not living in a cave. Politicians in both major parties give speeches lamenting the problem, but with little hard evidence of what they intend to do to correct it. Some want to increase taxes, some want to reduce taxes. But one thing is certain. Government spending must decrease, both over the short and long term.
The question you may be asking, is how? Where do we cut and who will be hurt? The answer is in our entitlement programs, specifically, Social Security, Medicare and our yet to be implemented but already law, Obama-care.
To keep spending from spiraling out of control, these entitlement programs must be pared back or eliminated. The recent healthcare reform, commonly referred to as Obama-care, should be repealed before it can add to the current budget deficits. Assuming this occurs, the next steps must be to reform Social Security and Medicare.
Full Social Security benefits are currently available to retirees 66 or older, gradually increasing to 67 for individuals born on 1960 or afterwards. Medicare benefits are currently available to all individuals 65 or older. These arbitrary ages were set at a time when the average life span was much lower than it is today. As such, an increase in the age at which individuals can receive benefits appears to be reasonable and sound.
The age at which individuals can receive Medicare and Social Security benefits should be gradually increased, at a set rate of 4 months for every year beginning immediately. This would mean that in 2011, individuals would be eligible to receive Medicare benefits at 65 years and four months of age and eligible to receive Social Security benefits at 66 years and four months. Each year would add another four months to the age at which individuals could receive benefits. This would continue in perpetuity. The result would be a continual reduction in the population served by Medicare and Social Security, and a likewise reduction in payouts by the respective programs.
Making these changes would not reduce benefits for current recipients of Social Security or Medicare, but would ease the financial burden these two programs face. Those of us under the ages would have to work longer to be eligible for benefits, but the increase in ages would be gradual enough not to be an excessive burden closer to retirement age. For myself, at age 40, it would mean that I would be eligible to receive Medicare benefits at the age of 77 years and four months and Social Security benefits at 78 years and eight months. Given the projected life span of individuals like myself who were born in 1969, it is possible that I will never receive benefits from either program.
And that is how it should be. Even in America, we are granted by our Constitution only the rights to life, liberty and the pursuit of happiness. Nowhere is the promise of a monthly check or free medical care should I happen to need either. While well meaning, these two entitlement programs have enabled generations of Americans to buy into the fallacious idea that government can and should solve our problems. As a result, government spending has run amuck and Americans have abandoned the ideals upon which this country was founded.
Our God given talents and the decisions we make throughout their lifetime should decide each individual’s fate. Those of us that work hard, invest wisely and refrain from self-destructive choices should reap the benefits of our labors. Those of us that choose a different path should reap the benefits of their choices as well. This is precisely what the framers of our Constitution intended and it is to what each free-thinking individual should aspire.
Jeff Sullivan is an electrical engineer residing in Nashville. He is married with two young children and he is working to see the American experiment in Socialism reversed come November.
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