Opinion | Nikki Haley Is Coming for Your Retirement

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That said, Haley has shown some consistency on economic and fiscal policy issues. And what you need to know is her position on these issues Far to the right. Especially she looks like Exceptional clarityEven among Republican candidates — who are calling for raising the age at which Americans qualify for Social Security — it appears to be experiencing a revival.

So let’s talk about Social Security.

The first thing you need to know about Social Security is that the actual numbers don’t justify the doomsday talk one often hears, not only from the real, but from self-centered people who want to take it seriously. No, system failure trust fundIt doesn’t mean that the benefits that are currently thought to happen in roughly a decade will disappear.

It means the system needs more revenue to fully pay scheduled benefits. But the extra income needed will be less than you think. Very recent Long-term forecasts According to data from the Congressional Budget Office, Social Security spending will increase to 6.2 percent of GDP in 2053 from 5.1 percent this year.

It is true that the budget office will further increase spending on Medicare and other major health programs. But much of this increase reflects the assumption that medical spending will grow faster than economic growth, which has been the case in the past but may not be true in the future. Indeed, from 2010 The cost of Medicare It exceeded expectations. And there’s good reason to believe that smart policies will further curb health care costs. How Much Does America Spend? than other rich countries.

Still, Social Security faces a funding gap. How should it be closed?

Anyone who claims, as Haley does, that the retirement age should be increased in line with life expectancy, is oblivious, perhaps deliberately, to the dire inequality of modern America. On average until covid hit Life expectancy at 65, the relevant number, was indeed increasing. But these gains were concentrated among Americans. Relatively high incomes. Less affluent Americans — those most dependent on Social Security — have seen a slight increase in life expectancy, and in some cases an outright decline.

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