CEOs Work Together To Cut Social Security

The loudest calls for Social Security cuts are coming from CEOs who will never have to worry about their own retirement security.
Two lobby groups have organized CEOs into an austerity army.

One is the Fix the Debt campaign, which is spending tens of millions of dollars on slick PR tactics to garner public support for cutting popular programs like Social Security and Medicare. More than 135 chief executives have signed up as Fix the Debt spokespeople.

The other is the Business Roundtable, a 40-year-old club for about 200 of America’s most powerful CEOs. The Roundtable doesn’t sugarcoat. They want everybody to work until age 70 before they can get Social Security.

These are people who are sitting on massive nest eggs of their own. According to a new report by the Institute for Policy Studies, and the Center for Effective Government, Business Roundtable CEOs have retirement accounts worth $14.5 million on average. That’s enough to generate a monthly retirement check of $86,043 starting at age 65. By contrast, the average monthly Social Security check is only $1,237.

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