Jared Bernstein makes the point that Social Security provides more than 60% of the income for Americans over age 65. (h/t “Debs”)
There are a lot of implications here, but here’s one more to consider:
The Paul Ryan plan endorsed by so many GOP thought leaders is premised on the idea that sometime after 2021, we can begin to ask senior citizens to pay a large and ever rising share of their Medicare costs. Looking at Bernstein’s estimate of senior citizen income, one has to ask: How? Especially when we consider that the people now aged 54 are going to have to save up that money over a decade of slack job markets and presumably weak income growth.