Romney suggests cutting retirement benefits for younger Americans [View all]
Former presidential candidate Mitt Romney has addressed the vexing question of how the US copes with its ageing population, suggesting that retirement benefits may have to be cut for younger Americans.
In comments to the Senate budget committee on Wednesday, the Republican senator from Utah said that the spiraling costs of retirement programs had to be tackled to bring national debt under control. Romney raised the politically controversial idea of cutting benefits, but only for younger generations before they reach retirement age.
“For younger people coming along, we got to be able to find a way to balance these programs or we’re gonna find ourselves in a heap of trouble,” he said. He added that he was not in favour of raising taxes as a way of balancing the books, but was open to adjusting “long-term benefits not for current retirees”.
Romney’s remarks, first reported by Business Insider, open a can of worms often avoided by members of Congress given its intense political sensitivities. The programs in question include two of the most popular benefits in the country – social security and Medicare, which make up more than 40% of government spending.
https://amp.theguardian.com/us-news/2022/mar/31/mitt-romney-cut-back-retirement-benefits-younger-americans
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