AARP Question Response
I recently received the following question on behalf of the AARP:
"Since the recession began, Americans have been hit with devastating job losses, shrinking retirement savings, declining home values and rising health care costs - many older Americans nearing retirement have been disproportionately impacted. What is your plan to help older workers get back to work and to improve economic security for people of all generations?"
Here is the response I gave:
I believe in reducing the size of government at all levels with a corresponding reduction in taxation. At the Federal level this means mostly a reduction in Income Taxes. With this reduction in taxes it means that those older Americans who are lucky enough to still be working will have the opportunity to save more of their earnings in their retirement savings.
Reduction of taxes to both individuals and small business will reduce the burden of expense for hiring. To remove the disincentive caused by the increased health insurance costs experienced by companies for hiring older individuals I would work with the health care insurance and industry to find programs to help normalize the cost of hiring older individuals. There can be a health care insurance difference of $1000 per month or more in hiring a 25 year old as opposed to a 60 year old under the current system.
I will work with the pharmaceutical industry to remove roadblocks and expense caused by excessive government burdens to reduce the cost of prescription drugs and foster innovation in systems.
I advocate retaining the current Social Security System for the current retirees and those who will be reaching retirement in the next 15 or so years, but raising the age of eligibility slowly for those farther away from retirement to levels concurrent with the increased average life span over the last century. I also advocate more generous tax advantages for those who wish to plan for retirement through savings and other investment vehicles.
Job creation occurs amongst all generations when individuals realize they again have the ability to control their destinies without being regulated into the use of antiquated solutions. As always, success via the "American Way" has come from the freedom to explore and try new things, not to be wrangled and subdued by those who think they know what is best. Success and jobs will come from 380,000,000+ minds and voices, not from a few who want to dictate their best guess.