A business group of top executives plan to pitch reforms to Social Security and Medicare to the White House and congressional members. They want to raise the enrollment age for both programs to 70 and reduce the Social Security cost of living adjustments scale. The Business Roundtable, led by a former Harvard economist and representing approximately 200 chief executives from some of the largest U.S. corporations, also urged Congress to add a “premium support” mechanism to Medicare, and to raise Medicare charges for wealthier beneficiaries. They estimate these strategies would save $300 billion in Medicare spending over the next 10 years, make Social Security solvent for 75 years, and help foster stronger economic growth, the group estimated.
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– Heinz J. Brisske