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Too many political leaders latch themselves to rigid talking points that insist that we can right our national finances either completely through tax increases or entirely though cuts to healthcare and retirement entitlements.
With Washington already having reduced discretionary spending to the lowest levels since the Eisenhower administration, the only major fiscal components not addressed are the biggest: healthcare and retirement entitlements.
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The groups outside the workforce comprise old age pensioners above age 65 years, early retired (retired before age 65 for reasons of health or early retirement entitlement in the employment contract), unemployed, students, persons on long term sick leave and unclassified.
Mr Obama would cap deductions such as for mortgage interest and health insurance for the wealthy, raise the inheritance-tax rate and lower its exemption, and limit how much the wealthy can accumulate in certain tax-deferred retirement accounts.The entitlement cuts also fall well short of what Republicans want and independent budget experts consider necessary.
Interest on the national debt accounts for another 10percentt, leaving only 7percentt for dozens of other non-retirement related entitlements.
Dick Gephardt has been linking Dean to Newt Gingrich because Dean once spoke in favor of raising the retirement age for entitlements.
Under the second scenario, the national debt held by the public would exceed 100% of GDP by 2027 or 2028, and payments for retirement and medical entitlements plus debt interest would equal federal revenues.
He could continue to work until the age of 65, but his benefit entitlement would not increase, and he would not draw the benefits to which retirement would entitle him.
In many countries legislation is increasing retirement ages for entitlement to state pensions, and enforceable retirement ages are being outlawed.
Three characteristics are relevant in this context: the amount of the pension that the system provides, the pattern of benefits associated with each age of retirement, and the entitlement rights that define the conditions to be met to be able to claim a pension at each age.
And ended it by saying raising retirement age would "ensure entitlements for years to come".
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com