New Jersey Gov. Christie Christie says the federal entitlement system is out of control. In New Hampshire ahead of a likely presidential bid, Christie outlined a restructuring plan during a speech in that he says could save a trillion dollars in the next decade.
Christie is proposing a means test for Social Security benefits for those who make more than $80,000 in other income and eliminate them for those with income of $200,000.
“This would affect less than 2 percent of all Social Security recipients but would contribute to the overall health of the system and recognize that the wealthiest among us don’t need this benefit when it comes at such a great cost to our fiscal health and the opportunity for our future generations,” Christie said.
Christie’s plan would gradually raise the retirement age for Social Security and Medicare eligibility to 69 and increase the early retirement age to 64.
Democratic Congressman Bill Pascrell is critical of Christie’s ideas. He says one of the most unpopular governors in the country is unveiling what will soon become one of the most unpopular entitlement reform plans.
“We’re not talking about cutting health care,” Christie said. “We’re talking about lowering the subsidy you get from the government because you don’t need it and others do.”