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Social Security eyed for reform
April 17, 2011 - Mike Maneval
Democratic Senator Mark Warner of Virginia appeared on "Face the Nation," and, according to the website Politico, said a bipartisan deal to reform Social Security is in the works. Warner says he hopes the deal being negotiated by two other Democrats and three Republicans in the Senate would provide a "middle-ground" approach falling between White House proposals and proposals surfacing from the Republicans' caucus in the House.
Warner noted the math that demands reforms to Social Security: 16 workers per recipient 50 years ago compared to three workers per recipient today. It's a valid cause for concern prompting several attempts to solve the problem. On Wednesday, National Review's Robert Costa reported that Senators Lindsey Graham of South Carolina, Mike Lee of Utah and Rand Paul of Kentucky - all Republicans - were proposing a plan to raise the retirement age to 70 in the next 20 years and disqualify the wealthiest from eligibility for benefits.
The proposal from Graham, Lee and Paul surprises Dave Weigel of Slate, who notes Paul campaigned for his Senate seat as a libertarian and the plan does not involve any form or shape of privatization. Graham, Weigel reports, rules out privatization and any tax increases, saying they would cost the proposal votes and likely sink it.
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