Should the Government Raise the Retirement Age?
Topics: Economics, Finance, Politics
Public Release Date: June 23, 2023
Many Americans expect to retire at 65, but beginning in 1983, the age of eligibility for full Social Security benefits began gradually increasing to 67. Social Security provides at least half of the income for the elderly to enjoy their golden years. Unfortunately, Social Security’s cash reserves are expected to run out by 2034. If the gap between payroll taxes and cash reserves isn’t resolved, retirees could get lower payments and workers might need to pay more into the system.
People arguing “yes” to raising the retirement age say people are now living longer and continuing to work, which could lead to economic growth. Those arguing “no” say that not everyone is able to or can afford to work longer and it’ll mean a large cut in benefits, making the program worse or unhelpful for the next generations.
With this background, we debate: Should the Government Raise the Retirement Age?
ARGUING YES:
Marc Goldwein: Senior Vice President and Senior Policy Director for the Committee for a Responsible Federal Budget
ARGUING NO:
Teresa Ghilarducci: Irene and Bernard L. Schwartz Professor of Economics and Policy Analysis at The New School
MODERATOR-IN-CHIEF:
John Donvan: Emmy award-winning journalist