In other words, thanks for sacrificing to help save the financial industry but heavens no, they can't help return the favor. Do less with less. Oh how exciting.
A Republican plan to rein in the rising cost of Social Security would dramatically reduce retirement benefits for middle- and upper-income Americans, especially those now younger than 25, according to an analysis released Wednesday by the program's chief actuary.Update from Joe: Looks like we really will need the Social Security Protectors.
The plan, by Rep. Paul Ryan (R-Wis.), would reduce benefits by gradually raising the retirement age and gradually trimming benefits for the top 70 percent of earners.
Together, the two provisions would slice initial benefits by about a quarter for middle-income Americans who turn 65 in 2050, according to the analysis. Wealthier retirees would see even deeper cuts, losing about a third of scheduled benefits in 2050 and more than half of scheduled benefits if they turn 65 in 2080.
