President Joe Biden has a long and storied history of attacking Social Security. His political posturing over how to solve its structural shortfalls will have harmful consequences. Specifically, uncertainty over Social Security’s future could be exacerbating labor market shortages — one of the prime drivers of rising prices.
The Wall Street Journal recently ran a story about workers approaching retirement age who are claiming Social Security “out of fear their benefits will be cut once the program runs short on cash.” It interviewed one New Jersey-based individual who stated that the uproar over Social Security at last month’s State of the Union address prompted him to accelerate his plans to retire at age 62, the earliest he can claim benefits.
The types of anecdotes the Journal examined have hard data to back them up. A 2021 study by Boston College’s Center for Retirement Research found that […]
Read the Whole Article From the Source: thefederalist.com
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