'Social Security will be bankrupt’ expert says amid retirement age change debate
Chris Christie is warning older Americans that cuts may be necessary to protect the future of Social Security.
Republican presidential candidate Chris Christie has issued his support for changes to the retirement age in the ongoing debate about Social Security.
New Jersey’s ex-governor claimed this weekend that “Social Security will be bankrupt” in 11 years if the current system is not overhauled.
These comments were made at a conference in Atlanta on Saturday hosted by conservative commentator Erik Erikson.
Mr Christie’s statement comes after similar comments made by his rival for the Republican presidential nomination, Nikki Haley.
The future of Social Security has already been a hot topic this election cycle with former President Donald Trump slamming Ron DeSantis’ record when it comes to retirement benefits.
While giving his take on the state of Social Security, Chris Christie targetted both Republicans and Democrats for criticism.
The former Governor explained: “The most disgusting part of [President] Joe Biden’s State of the Union address this year was when he stood up, and he said, ‘We’ll all agree, right?
“‘We’re not going to do anything to Social Security?’ And both sides got up and cheered.
“[They’re] a group of liars and cowards, because they know that in 10 years, Medicare will be bankrupt. And in 11 years, Social Security will be bankrupt.”
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This “bankruptcy” referenced by Mr Christie is in reference to this year’s statement by the Social Security Board of Trustees that retirement benefits would be cut by 23 percent in 2033 as the current system faces becoming insolvent.
Republican contenders for the White House have proposed raising the retirement age for younger people.
This was a train of thought echoed by Mr Christie over the weekend who suggested raising the age threshold for under 50s.
He added: “We can make real savings over the long term by playing with eligibility age,” he said at the Atlanta conference.
“We have got to have this conversation. And other than me, nobody in this race is willing to talk about it. It’s ridiculous.”
Previously, the legislator told CNBC’s Sqwakbox that lawmakers “need to deal” with the issues affecting Social Security.
Mr Christie said: “We have to look at things like means testing for the very wealthy [who] don’t need to get Social Security.
“And secondly, for people in their 30s and 40s we need to consider, you know, raising the retirement age.”
