US President Barack Obama (L) listens to Business Roundtable member and Boeing Chief Executive Officer James McNerney in Washington on December 5, 2012. (File photo)
Top American business executives seek to lobby Washington for increasing the country’s retirement age, while pushing for reforms of the Social Security and Medicare.
An influential group of business executives – dubbed the Business Roundtable – has proposed on Wednesday new reforms of the Social Security and Medicare, aiming to increase the retirement age to 70.
The group will pitch the plan to US President Barack Obama and the Congress amid an upcoming round of deficit-reduction talks.
“We are calling on President Obama and Congress to look at our plan and enact a package of gradual changes that will provide economic and personal security for generations to come,” said Gary Loveman, the CEO of Caesars casino and hotel in Las Vegas.
Experts say an aging US population and rising healthcare costs threatens to devastate the budget in coming years, with US politicians seeking a bailout through reforms of the Social Security and Medicare – once considered safe.
However, critics condemn any cuts in entitlement programs, as many Americans will not be able to pay increased costs and more senior citizens falling in poorer health.
Currently, retirees can receive reduced Social Security benefits starting at age 62, with full benefits beginning at 66.
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