ARGUING YES
Marc Goldwein
Senior Vice President and Senior
Policy Director at the Committee for a Responsible Federal Budget
ARGUING NO
Teresa Ghilarducci
Labor Economist;
Professor of Economics and Policy Analysis at The New School
Here is what we have in store this week:
• We debate whether raising the retirement age would help Social Security’s solvency
• A closer look at the average age of retirees—and how much money they need
• Your Sunday reading list
If you’re like most people, you look forward to the day when you can finally send that last work email, attend your last meeting, and walk out of the office to start your retirement and receive your social security benefits. But there’s a conversation going on in policy circles about whether the age of eligibility should be raised.
Isn’t 65 the normal age to retire? Not really. There was legislation in 1983 that gradually began raising the eligible age from 65 to the current age of 67. Now, because there are fewer workers than retirees to pay into the system, the trusts funding Social Security may run out by 2034, and raising the retirement age would be one way to continue its funding.
What are the arguments? Those who argue “yes” say people are living longer, which hadn’t been the case when Social Security was established, and it could lead to economic growth. Those who argue “no” say that it isn’t fair to assume that people in physically challenging jobs can work longer and that others simply deserve to enjoy their so-called golden years.
What’s at stake? Even after working for decades in hopes of a happy (and deserved) retirement… you may have to wait longer. Even if you recently entered the workforce, this conversation affects you, as changes may happen over time.
Now, we debate the question: Should the Government Raise the Retirement Age? Arguing “YES” for raising the age is Marc Goldwein, who is the Senior Vice President and Senior Policy Director at the Committee for a Responsible Federal Budget and previously served in the fiscal commission forming the 2010 Simpson-Bowles Plan, which attempted to make Social Security more sustainable. Arguing “NO” is Teresa Ghilarducci, a labor economist and professor at The New School who focuses on retirement security.
When would be your preferred age to retire? Listen to this episode and tell us what you think of this debate on our website or Twitter.
DEBATING THE DATA
The annual cost to retire comfortably can be close to a working person’s income. How much of it does Social Security contribute to?
POINT/COUNTERPOINT
Should the Government Raise the Retirement Age?
YES:
“Social security faces a substantial gap between what it spends and what it brings in, in revenue… we’re going to have to address that gap through some combination of approaches, of which I think raising the age should be part of the mix.”
Marc Goldwein
NO:
“The reason I am so adamant that this is not the time to cut Social Security benefits is because I see that the United States has the highest elderly poverty rate of our peers, and it’s rising… I also see a middle class who are approaching retirement age who will be poor or near poor when they reach retirement age.”
Teresa Ghilarducci
WEEKLY POINTS OF VIEW
Why I’m Betting Against a US Recession
Mark Zandi | June 20, 2023
CNN
Watch Mark’s debate on the debt ceiling
The End of Affirmative Action. For Real This Time.
Hanna Rosin | June 16, 2023
The Atlantic
Watch Hanna’s debate on whether we should help men
Five Reasons Why Democrats Should Focus Obsessively on Working-Class Voters
Ruy Teixiera | June 22, 2023
American Enterprise Institute
Watch Ruy’s debate on the Democratic Party
How Congress Can Reform Banking Regulations to Reduce the Cost of Bank Runs—or Prevent Them Altogether
EJ Antoni, Parker Sheppard and Peter St Onge | June 22, 2023
The Heritage Foundation
Watch Parker’s debate on the debt ceiling
Join Us at the Aspen Ideas Festival!
Open to Debate is proud to partner with the Aspen Ideas Festival this year! We’ve already hosted one debate, “Is the FDA Too Cautious?“, and we invite you to come to our other debates if you are in the area.
Today at 8:15 PM at the Hotel Jerome’s Ballroom: “Is Social Media Bad for Kids’ Mental Health?” with Jim Steyer, the CEO of Common Sense Media, arguing YES and Candice Odgers, a University of California Irvine professor of psychological science and informatics, who will be arguing NO. Purchase your tickets here.
Tuesday, June 27 at 6:30 PM at the Hotel Jerome’s Ballroom: “Should We Erase Bad Memories?” with Nita Farahany, author of “The Battle for Your Brain: Defending the Right to Think Freely in the Age of Neurotechnology,” arguing YES and Sigal Samuel, Senior Reporter for Vox Future Perfect and co-host of the Future Perfect podcast, arguing NO. Purchase your tickets here.
