Sen. Marco Rubio Delivers a Major Speech on Retirement Security ... >
May 13, 2014 - Sen. Marco Rubio (R-FL) delivered the lastest in a series of policy addresses he has been giving in recent months, speaking on “A Secure Retirement for 21st Century Seniors” [prepared remarks] in his first appearance at the National Press Club.  Rubio stated,
 
"Each of the three legs of our traditional retirement stool – personal savings, pensions and Social Security – is wobbling. And if we do nothing, each of the three will likely cease to exist as we know them well before my generation enters retirement. The instability of each is caused by a variety of factors, yet they all share one common cause of decay: the lack of sustained economic growth."

He said that, "Anyone who is in favor of doing nothing about Social Security and Medicare is in favor of bankrupting Social Security and Medicare."

In addition to underlying efforts to promote growth, which Rubio has discussed earlier speeches, he proposed several changes "to make it easier for people to save more and work longer," including opening the federal Thrift Savings Plan to more Americans, eliminating the payroll tax for people who have reached retirement age but are continuing to work, and ending the Retirement Earnings Test. 

On Social Security, Rubio advocated raising the retirement age to receive benefits and cutting the growth of benefits for upper income retirees.

Finally, Rubio said the goal of saving Medicare will be most difficult; indeed he warned that, "if we do nothing to reform it, Medicare hospital insurance will go bankrupt in about 12 years and cease to exist."  To address this problem, Rubio advocated "a premium support system, which would give seniors a generous but fixed amount of money with which to purchase health insurance from either Medicare or a private provider."
DNC national press secretary Michael Czin, issued a predictable response:

"This afternoon Senator Rubio renewed the GOP’s commitment to ending Medicare as we know it, forcing future seniors to spend more out of pocket on medical care when they need it most. In 2012, the Romney-Ryan ticket ran on that plan and it was soundly rejected by the voters. Senator Rubio’s plan is just the latest example of the Republican Party’s out of touch policies that benefit a few instead of extending opportunity for all.

"Simply put – Rubio’s position is backward, but what else should we expect from someone who has attracted brutal headlines in the last few days for valuing partisan ideology more than science?"

Ed. several later responses:

On May 16, New Republic staff writer Danny Vinik penned an article headlned, "Democrats Should Read Marco Rubio's Social Security Plan.  There's a Lot to Like."

On May 17, Brian Graff, CEO of the American Society of Pension Professionals and Actuaries, responded with a statement saying in part, “Though Rubio is attempting to confront the widespread problem of saving too little for retirement, his proposed solution is not addressing the cause of the issue."   According to the statement, "The issue of inadequate retirement saving should be addressed through expanded workplace plans, which can be hampered by existing rules and regulations."
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