Gov. Christie deserves credit for being willing to take political risks to restrain the growth of Social Security. (Read Harry Enten to get a sense of just how much political risk he’s taking.) But I think the plan needs some work.
New Jersey Governor Chris Christie has just suggested gradually ending benefits for retirees with incomes of $80,000 to $200,000. He’s right to favor lower benefits for affluent people, but this is the wrong way to go about it.
The kind of means-testing Christie is proposing would discourage people from saving for retirement, or working in retirement, when we should be encouraging both.