Americans should heed the warning of French retirement-age protests
A cautionary tale for the U.S. is unfolding across the Atlantic Ocean. That is if our national leaders have been paying attention to what’s been happening in France the past few months.
French men and women have taken to the streets to protest raising the retirement age from
62 to 64. What would they do here, as Americans’ full retirement age is now 67? That was set some 40 years ago, when the eligibility age was raised from 65.
Of course, Americans can take their Social Security Administration monthly benefits beginning at 62, although they will be monetarily penalized for doing so. For decades in the U.S. there has been the back-and-forth argument for taking SSA benefits at 62 or waiting until 70.
The French, though, don’t want to wait until 64. President Emmanuel Macron pushed for the higher retirement age in order to keep France’s pension system afloat as the country’s median age continues to climb.
Polls have shown a majority of the French people are opposed to the pension reform. Like Americans, they want to increase taxes on the uber-rich and corporations to ensure they, “pay their fair share.”
We’ve heard similar warnings of the U.S. national pension system being in trouble. Earlier this month, SSA officials warned they won’t have enough cash on hand by 2033 to pay full benefits to the 66 million retirees who claim benefits.
Medicare, too, is in questionable solvency, according to the SSA. Funding for the government-sponsored health insurance program is expected to run out of money by 2031.
Then there’s the Illinois public employee pension deficit. Like our federal lawmakers, state representatives continue to kick the problem down the road apparently until we’re at crisis time. For SSA funding, the crunchtime is a short decade away.
We may be quick to ignore the unionled demonstrations in France — there have been more than a dozen since January — because, after all, it’s the French protesting. Since the French Revolution, we’ve seen them head to the ramparts and protest just about anything, especially the transit workers shutting down the famed Metro.
Earlier this year, French bakers went on strike against rising bread and electricity prices. Those folks surely like their baguettes, and don’t want to eat cake.
As Charles de Gaulle, a hero of World War I and II and former French president, pointed out: “How can you govern a country which has 246 varieties of cheese?” From an American viewpoint, it’s seems it’s getting harder to govern for Macron.
Associated Press reported that activists dumped bags of garbage into mounds outside government buildings, lighted bonfires in the streets and faced off with riot police. Gay Paree doesn’t seem like much fun these days.
There are Chicago area Francophiles who visit France nearly every year, skipping around the Parisian arrondissements, sightseeing along both banks of the Seine River in Paris.
They solemnly tour Normandy, where thousands of Americans lost their lives in World War II.
They head out to the Burgundy wine country, they sample at the Champagne estates along the Marne River and walk the lavender-filled fields of Provence. Like Hemingway, they return with romantic praise of the country.
Many of them are U.S. retirees who watch with marvel at what is happening in one of their favorite places to travel. How the French — who get a guaranteed six-week summer vacation — are quite livid over raising the retirement age.
These are the same folks who have seen their retirement ages rise over the years. Demographers are suggesting the U.S. retirement age may have to rise, yet again.
For some reason, Americans have meekly accepted higher retirement ages. Unlike the French.
Losing benefits, after paying into the system for decades, may be the tipping point where furious American gray panthers begin clawing at their political elites. One estimate is that there will be a 23% reduction in monthly benefits. For seniors, that’s a big slice of their income, and will plunge many into poverty.
Remember during the 2000 presidential campaign when both candidates, George W. Bush and Al Gore, promised to put Social Security funding in a “lock box?” That certainly didn’t come to fruition, and younger generations are going to bear the brunt of continued inaction.
Failing to address the coming SSA funding crunch is a recipe for electoral disaster for Republicans or Democrats. It will not be pretty watching police push back people using canes and walkers to get to future protests at the offices of members of Congress and federal buildings.
For Congress, the clock is ticking. Take another look at what is happening in France, and start working on some bipartisan solutions.