FROM CNN's Jack Cafferty:
As we await the final recommendations from President Obama's deficit commission, one Democratic-led policy group is out with its own bold proposal:
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Bloomberg News reports that the think tank Third Way wants to trim or eliminate Social Security benefits for what they consider high-income retirees.
The plan is to boost monthly benefits for poorer retirees - while reducing them on a scale starting with individuals who have $150,000 in outside income or couples with $250,000.
Social Security benefits would be eliminated all together for individuals making $200,000 or couples with $400,000 in income. The group says people who don't need Social Security shouldn't get it.
This is despite the fact that these people have paid into Social Security throughout their working lives.
Third Way also wants to raise the retirement age, limit cost-of-living increases and help young workers create private retirement accounts.
Third Way says its proposal will come out after the deficit panel's report and is meant as a kind of cover for Congressional Democrats to support unpopular deficit-cutting measures.
Republicans have argued for raising the retirement age as well as limiting benefits for wealthier retirees. But most Democrats don't want to touch Social Security at all - when it comes to cutting the $13 trillion plus debt.
However, some Democrats do support cutting benefits. As Senator Kent Conrad put it: "Those who say don't touch it aren't dealing with reality."
As for that deficit commission, like we said yesterday here in the Cafferty File, don't bet on it. The panel now says it will delay the vote that was set for tomorrow until Friday, although they still plan to release the report tomorrow.
Here’s my question to you: Should people earning more than $150,000 be denied Social Security benefits?
Tune in to the Situation Room at 6pm to see if Jack reads your answer on air.
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Filed under: Social Security
Jack Cafferty sounds off hourly on the Situation Room on the stories crossing his radar. Now, you can check in with Jack online to see what he's thinking and weigh in with your own comments online and on TV.