In USA Today, Mitt Romney outlines his plan to right our fiscal ship. Near the end of his column, the former Massachusetts governor displays a willingness to take on entitlements:
These three approaches, applied systematically throughout government, will produce a fiscal turnaround. But that achievement will be short-lived if we do not also ensure that both Medicare and Social Security are made sustainable for future generations. Reforms should not affect current seniors or those near retirement, and tax hikes should be off the table. However, the retirement age for younger workers should be increased slowly to keep up with increases in longevity. And Social Security benefits for higher income recipients should grow at a slower rate than for those with lower incomes.
Tomorrow’s Medicare should give beneficiaries a generous defined contribution and allow them to choose between private plans and traditional Medicare. And lower-income future retirees should receive the most assistance. I believe that competition will improve Medicare and the coverage that seniors receive.