According to a new report, CEOs at the forefront of the drive to “fix the debt” by slashing Social Security and Medicare, possess personal retirement funds worth an average of $14.5 million, and three have retirement nest eggs worth more than $100 million. The average Social Security check is $1,308 per month.
PRW Staff on November 19, 2013“The loudest calls for cutting Grandma’s benefits are coming from CEOs who will never have to worry about their own retirement security,” said Sarah Anderson, one of the authors of the report and the Institute for Policy Studies Global Economy Director.
While CMD has spent a lot of time reporting on the spin coming from the Pete Peterson’s Fix the Debt gang, Fix the Debt has worked hard at keeping its policy recommendation relatively vague allowing them to deny specific cuts and proposals to change Social Security.
Not so for the Business Roundtable, which has been upfront with “reform” proposals like their initiative to raise the Social Security retirement age to 70. That’s not such a bad deal if you have a dozen secretaries and $100 million tucked away, but what if you work on your feet 10 hours a day?
“If leading CEOs really wanted to help American seniors, they’d stop calling for cuts and start leading the charge to lift the cap on Social Security taxes, so that they and other prosperous Americans could help ensure the program's ongoing success," said Scott Klinger of the Center for Effective Government, another author of the report.
