Romney's Social Security Plan

On August 30, 2012 Romney said “I’m running for president of America to help create a better future…where no seniors fear for the security of their retirement, an America where every parent knows their child will get an education that leads them to a good job and a bright horizon.” Romney has repeatedly said he’d repeal the Dodd-Frank Act that stops Wall Street from risking people’s retirement and said nothing about Social Security (SS) in his speech. In Romney’s CBS 60 Minutes interview that aired September 23 host Scott Pelley said: How would you change Social Security? Romney: Well, again, no change in SS for those that are in retirement or near retirement. What I'd do with SS is say this: that again, people with higher incomes won't get the same high growth rate in their benefits as people with lower incomes. People who rely on SS should see the same kind of growth rate they've had in the past. But higher income folks would receive a little less. Pelley: So in the Romney administration, in the Romney plan, there would be means testing for SS and for Medicare? Romney: That's correct. Higher income people won't get as much as lower income people. And by virtue of doing that-- and again, that's for future retirees. For-- by virtue of doing that, you're able to save these programs on a permanent basis.

Currently what you and your employer put into SS determines what you will be paid upon retirement and there is a cap on what is received (the rich pay in more than they receive). It seems to me that Romney’s proposal will no longer take this into consideration. The President back in October made such a proposal for Medicare in the 2011 Deficit Reduction Plan that didn’t pass (I thought it was fair because rich people haven’t been paying their fair share of taxes for quite a while). The only change in Medicare came with ObamaCare, it closed a doughnut hole that was costing seniors more for medical. Romney’s approach to SS may or may not decrease benefits for the next generations of Americans.