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<<This analysis should also prompt serious re-examination of policy proposals to cut Social Security and Medicare for near retirees. Baker commented, "policies that perhaps could have been justified at the peak of the housing bubble make much less sense now that tens of millions of near-retirees have just seen most of their wealth disappear."

Means testing Social Security and Medicare is proceeding apace.

Those who have other assets and income will receive less in benefits, and pay more for them.

Whether people lose wealth or assets should have no impact on such policies. If people lose wealth, they will simply qualify for more benefits than if they still had it and could pay more.

Why pay benefits to people that don't need them?

And even more to the point, why should Gen X, Y and Z pay ever higher taxes to pay benefits to people that don't need them.

There is a reasonable argument for paying a small benefit to the indigent elderly.

Seattle Pioneer
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