Deficit Commission releases recommendations: the main one of which seems to be to decimate Social Security.
Late Update: We’ll have a more detailed piece on this shortly. But I wanted to give people an overview idea of the key recommendation on Social Security: namely, changing the ‘indexing’ of Social Security benefits to inflation rather than wages. That sounds very technical. And most people won’t even know what it means. But whatever the rationales and arguments, what it means is very clear. Significantly lower cost of living adjustments which are cumulative in their effect over time. Think of it as a chart where you either have the money number going up at a 10 degree angle or a 15 degree angle. Not that big a difference in the first few increments but once you get to the right side of the graph, it’s a dramatic difference. I would say this is actually a much more significant change than the other recommendation to change the retirement age to 69. Much bigger.