This is as good as it gets, when it comes to having the Bowles-Simpson “recommendations” for cutting Social Security articulated in a public forum.
[Conrad says that "he is speaking for himself."]
Here’s the transcript:
00:00:00 THE SOLVENCY OF SOCIAL SECURITY ITSELF.
00:00:05 >> THAT IS DONE, HOW?
00:00:07 >> IT WILL BE DONE IN SEVERAL DIFFERENT WAYS TO EARN ONE OF THE WAYS IT IS WE WILL EXTEND THE CAP IN TERMS OF WHAT INCOME IS EXPOSED FOR FUNDING SOCIAL SECURITY.
00:00:22 THE AGE WILL BE EXTENDED OVER AN EXTENDED A PERIOD OF TIME.
00:00:28 AND A TECHNICAL WAY OF DETERMINING WHAT SOCIAL SECURITY PAYOUTS ARE. [My Words: The Big Kahuna: “Means Testing.”]
00:00:33 AND THERE WILL BE AN INFLATION ADJUSTMENT.
00:00:38 CURRENTLY, THE INFLATION ADJUSTMENT IS DONE AND WITH THAT MOST ECONOMISTS SAY IS NOT FULLY ACCURATE.
00:00:45 >> ADJUSTMENT TO THE ANNUAL ADJUSTMENT?
00:00:48 >> CORRECT.
00:00:49 I THINK ALL OF THOSE WOULD BE FACTORS.