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Politics : Politics for Pros- moderated
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To: LindyBill who wrote (97121)1/27/2005 11:40:51 AM
From: Volsi Mimir   of 794001
 
One is Edward "Ned" Gramlich, a U.S. Federal Reserve governor who chaired a Social Security advisory commission a decade ago. The former dean of the University of Michigan's School of Public Policy and a liberal Democrat, Mr. Gramlich argues that it's time to fix Social Security

Yep good ole Gramlich -- I guess what I am reading is that the Dems are arguing now that BENEFITS will be cut-- READ:

Report on Social Security Advisory Council Meeting on May 19, 1995

Chairman Gramlich then described the plan that he had developed. It is a double decker plan with the nonearnings-related first deck based on the number of years of work and an earnings-related second deck, In addition, the plan would increase normal retirement age to 68 by 2017 and provide for indexing it for subsequent years based on improvements in life expectancy. The plan is specifically designed to maintain the current 12.4 percent tax rate and maintain current benefit levels for low earners. As a result, benefits for average and high earners would be cut about 30 percent. The plan is also structured to result in a stable trust fund ratio at the end of the 75-year period. The Chairman also noted that the plan could provide a voluntary individualized account in addition to the basic benefit.

ssa.gov

this is just part of a longer article and to be fair the whole
thing should be read.
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