Former U.S. Senator Alan Simpson and Erskine Bowles, former Clinton Chief of Staff, are co-chairmen of the National Commission on Fiscal Responsibility and Reform, also known as the Deficit Commission. The two were in Cheyenne Wednesday for the Wyoming Forum, each presenting on the work the Commission has been doing to make a plan to reduce America's debt. Of particular focus was the issue of Social Security. Simpson told the crowd.
Simpson discussed the stages the Commission proposed on altering the retirement age.
For blue collar workers, which make up 17 to 20% of Americans, their retirement age will remain the same at age 62. The Disability Insurance System will be used up in about eight years, Simpson told the audience. He also said the Committee raised payroll taxes on salaries of $108,600 or higher to 90%; after the year 2020, state and municipal employees will enter the system, which will also increase revenue.
Calling Erskine Bowles the numbers man, Simpson introduced his Co-Chair to the crowd. After first describing the enjoyment he's had in serving with Simpson on the Committee, Bowles got down to the business at hand.
Mr. Bowles then proceeded to give an example of how the nation's “cancer of debt” would destroy America's economy.
To hear the program in its entirety, click here: