Romney suggests cutting retirement benefits for younger Americans

[AZProgressive]

Former presidential candidate Mitt Romney has addressed the vexing question of how the US copes with its ageing population, suggesting that retirement benefits may have to be cut for younger Americans.

In comments to the Senate budget committee on Wednesday, the Republican senator from Utah said that the spiraling costs of retirement programs had to be tackled to bring national debt under control. Romney raised the politically controversial idea of cutting benefits, but only for younger generations before they reach retirement age.

“For younger people coming along, we got to be able to find a way to balance these programs or we’re gonna find ourselves in a heap of trouble,” he said. He added that he was not in favour of raising taxes as a way of balancing the books, but was open to adjusting “long-term benefits not for current retirees”.

Romney’s remarks, first reported by Business Insider, open a can of worms often avoided by members of Congress given its intense political sensitivities. The programs in question include two of the most popular benefits in the country – social security and Medicare, which make up more than 40% of government spending.

https://amp.theguardian.com/us-news/2022/mar/31/mitt-romney-cut-back-retirement-benefits-younger-americans

[lagomorph777]

1. I suggest taxing Rmoney

[Sherman A1]

8. Agreed

tax him and his playmates into the damn dirt.

[Rebl2]

45. 👍👍👍

[TheBlackAdder]

18. Is this part of the "I've got mine" platform?

[2naSalit]

26. Yup...

He still has a thing against 47% of us.

[trusty elf]

25. That works for me....

[iscooterliberally]

42. Nice!

[Trueblue1968]

61. ROMNEY IS AN A-HOLE AND I STILL HATE HIM.

[cloudbase]

2. Lift the cap on Social Security contributions. n/t

[roamer65]

11. Yes, there should be no cap on the employee side of the tax.

The more you make, the more you pay in FICA taxes.

[dem4decades]

14. When was the last time that happened and what would that cap be in today's dollars?

[spooky3]

30. It increases every year. Nt

[dem4decades]

40. The cap increases every year?

[spooky3]

43. Yes

https://www.ssa.gov/benefits/retirement/planner/maxtax.html

[IronLionZion]

55. I wish I made enough to worry about those caps

[dem4decades]

56. Thanks, I didn't know that,. Still too low IMO.

[Backseat Driver]

39. Medicare/Medicaid for All; add at least generous HSA accounts if TPTB don't want to add the

vision/hearing/dental benefits. Either one is married, separated, or one is single; any of these may be raising children and these needs must be adjusted, and women's reproductive rights need to be maintained in every state.

Lift the cap on SS contributions; maybe make a select smaller Senior regular savings account add-on within the program that earn better than the going interest but of limited balance; FDIC insured, of course, but not CD's or higher bank savings vehicles which are unlimited and on which regular rules would apply?

Roll back all Student Loans balances/repayments over $50K or eliminate them if the government guaranteed that loan to the lender - If nothing else, they inhibit and cripple the life-courses of both the student and the living parent(s)!

I'm all for raising the tax on the Romneys of this country!

While advocating for human rights and quality products coming into our country because it seems ridiculous to send things like the same chicken back and forth; we'll need more inspection oversight to guard against poisoning our pets; textiles that soon fall apart, single-use plastics, and inferior metal, automotive, and construction products. If they're signed on to the Paris climate change pledges- help all of us reach better CO2 and pollution numbers by our manufacturing standards, here and on imports.

[lastlib]

51. Don't just lift it--REMOVE it entirely.

The wealthy are not paying their fair share on this.

Understand--EVERYONE benefits when older Americans have secure retirements. They spend money, too, so it goes back into the economy and keeps the engines going. Cut benefits, and you reduce future spending and thus economic growth. Bad recipe for the future.

[SoonerPride]

3. or lift the cap of $400,000.

But that would be met with howls from the loud mouthed rich and we can't have the donor class up in arms.

So screw the young because they don't vote.

[FalloutShelter]

9. The fox has been right here

All along.
CUT THE CRAP. RAISE THE CAP!

[Freddie]

19. I'm a payroll admin

In this line of work you get immune to what some people make. But when their checks start getting even bigger mid-year because they go over the cap, it still pisses me off.

[yardwork]

4. But let's not tax billionaires, right Mitch?

Are you TRYING to start a revolution?

[SoonerPride]

7. No just trying to stick it to the people who don't vote.

If he wanted to start a revolution he would propose reducing benefits for existing Social Security recipients.

Even he is not that daft.

[FalloutShelter]

5. Rich fuck says what?

Pay attention kids. These are the “reasonable” Rethugs.

[JustAnotherGen]

6. Um - I'm 49

His party killed me with the SALT Cap - and now I don't have that money - so I can't save it. . .

So what am I supposed to do?

[onethatcares]

38. you are supposed to

start a hedge fund and steal a bunch of money from those taxpayer sponsored programs like Medicaid.

See, it's easy.....

[BlueTsunami2018]

10. Romney is still a dick, regardless of his feelings on Piss Wig.

So is Cheney and so is Kinzinger.

That people heap praise on these crumbs for merely having the very lowest standard we should expect from an elected official still sickens me.

[OrlandoDem2]

12. Between him and Rick Scott IDK who is worse.

Two rich guys who want to stick it to the young and poor. Eff em!!

People need to vote!!

[onecaliberal]

13. I have an idea. Let's tax Rmoney and all of his cronies and friends.

[Jerry2144]

15. How about

Cutting oil and gas subsidies? Cutting defense spending? Cutting corporate and millionaire welfare?

[bucolic_frolic]

16. Vulture Capitalist Guy

Predictable

[NCjack]

37. From the man who raped the retirement funds of companies he took over.

[rurallib]

54. bingo!

never forget that! Thanks for the reminder.

[Emile]

17. I suggest drug testing Romney!

[JHB]

20. Never forget, Mitt is one of the "reasonable" Republicans...

...one of the "good" conservatives because he mumbled some dissatisfaction about Trump and voted (ineffectually) against his party a few times to pander to Utahans who didn't like Trumps's crudeness.

When a Republican talks about "fiscal responsibility," he's trying to steal from you. It's really that simple.

[brush]

21. Romney, Romney, Romney, incomes have went up...

since the ceiling on Fica deductions from the $142,800 set years ago to an amount that will carry us forward for another several years. It's not rocket science and that's not a new suggestion.

Stop being such a stingy republican, Mitt. Income and profits have risen substantially for businesses. There's no need to punish workers. Why is a cut to workers always you and other republcans first instinct?

[Gore1FL]

22. Of course screwing over young workers rather taxing billionaires makes sense to Romney. nt

[hurple]

23. Yeah!

I don't care if my grandkids have to eat dog food to stay alive when they are elderly! As long as I get to travel in my pension-bought RV and eat at Texas Roadhouse every night, I'm good.



Romney can go to hell.

[RANDYWILDMAN]

24. This man is a piece of crap like most R's

They want to make all people poor, so the rich can use them however they want.


Not supporting SS and medicare for all is the equivalent of slave owners !!!


We should not be shrinking SS and medicare for all we should be increasing them.

People work damn hard to make live work, Willard does understand that, nor did he do that, nor does he care.... now wonder he does not understand, sorry he does understand and he does not care.

[Runningdawg]

27. Screw Mr. 47%

[Magoo48]

28. Rich, criminal super-pendejos.

[Celerity]

29. go for it fucker, and watch 80% plus of the 45yo (born 1977 and after) and under vote swing Dem

Xennials
Millennials
Gen Zers

and come 2032, Alphas

will run riot

So many of us are already absolutely fucked (insane costs of healthcare, housing. tertiary education, food, transportation, etc) and if they start to rip away the last vestiges of the age-related safety net on a future-forward basis, it will get real ugly, really fast.


That all said, there is one way the Rethugs may try and sell it, and that way will cause an instant Gen war:

Remove the younger citizens from having to make contributions (either partially or, altogether), tell them they can keep all their money now that was previously deducted.

[doc03]

31. Mitt please run with that aong with Skelator that wants

to tax poor people.

[Shermann]

32. 68 is the new 67

Generations Y and Z live a little longer than X. It's a good problem to have. But it is still a problem, so full retirement age should be set back to 68 for those folks.

[ColinC]

33. What a dick.

[SheltieLover]

34. K&R!

[Firestorm49]

35. Bullshit. How many times must it be said: tax the rich!

I’m tired of banging my head against the wall when reading about how the average Joe / Joan needs to give up something in order to funnel more money to those who need it the least.

Taxing the rich won’t solve all of the financial woes of the working proletariat, but it sure would ease the pain knowing that we’re all on the bus together - that we have a just and fair government. Boy, is THAT wishful thinking, huh?

What on Earth does Romney think - that things are somehow going to get much easier in the future? He’s just another delusional Republican.

[yorkster]

36. You get 47% of your dinner tonight, Mitt.

Way to screw the younger generations. Go to hell Mr. Bain Capital, so-called moderate.

Oh and yes Raise the Damn Cap.
Such a simple and fair solution.

[patphil]

41. Oh! That's gonna create a lot of new, young Republican voters.

NOT!

[Metro135]

44. If we're ever going to get a handle on our debt, we're gonna have to find a way to increase revenue

Here's an idea. Raise taxes on only TWO individuals: Zuckerberg and Bezos. That'll wipe out the deficit completely.

[Coventina]

46. Coventina suggests oiling up a few guillotines.

DUer Coventina of Arizona suggested that she'd favor preparing some guillotines for possible service.

"The Billionaires of this country have been shown time and again that they are not paying their fair share into this country. We're gonna have to find a way to encourage these parasites to do the right thing, and asking nicely doesn't seem to be working. I'm wondering why it's only called 'class warfare' when the poor fight back?" she said upon reading the latest attempt from the Billionaire Romney to point the finger of blame at hardworking, actual tax-paying citizens.

[sarcasmo]

47. Pension raider Romney has no problem cutting benefits.

[PurgedVoter]

48. Mitt Romney destroyed retirement funds

He pocketed the money. His family got the money. All that was left for the people he destroyed was social security. If they contributed. While it could be called government spending, social security is not. It is a managed retirement account we pay into. It is government managed retirement fund that the Government borrows from.

If the cap on income related to Social Security were lifted, the problems would go away. But of course Republicans will never agree that minimum wage should be increased, poverty should be addressed or that the rich should have to pay the same percentages that the rest of us do.

The filthy rich just can't stand seeing money they can't take. I don't see him trying to fix the loopholes he has used to rob companies and avoid taxes, I just see him trying to get his hands on a share of what might keep a elderly woman from being thrown out on the streets.

[SunSeeker]

49. Thanks for reminding us you're a Republican, Mittens.

But no, we'll just tax the rich. So go fuck yourself, Mitt.

[gaskinite]

50. Maybe a tax on Automobile elevators

Along with a Dressage horse tax.

[grantcart]

52. Lol I see what you did there.

[DallasNE]

53. One Of The Primary Reasons Medicare Payments Are So High

Is that the government can't negotiate prices on drugs because Republicans block such legislation by filibuster? And Romney opposes raising taxes on taxable income exceeding $400,000 per year. So, there are ways, short of cutting future benefits for retirees, that you can fund these popular programs for retirees.

[spooky3]

58. Good point. Nt

[Brainfodder]

57. Mitt, you are on to something, keep on saying this!

[Baked Potato]

59. Ah, breaking out the ole divide-and-conquer just in time for Mids.

[mopinko]

60. make them pay fica on dividends and capital gains.

no, dont scrap the cap unless you are ready to fundamentally alter the program.
that cap also limits benefits. so, unless you want to start paying rich guys thousands a month, you have to break that link.