Caesars Emperor Advises Federal Gov on Social Security, Medicare
An association of influential chief executive officers, which includes Caesars Entertainment Corp. Chairman and CEO Gary Loveman, suggested several changes Wednesday to Social Security and Medicare that would protect both programs.
Loveman, chairman for the Washington, D.C.-based Business Roundtable’s health and retirement committee, outlined the recommendations during a news conference at the organization’s offices. He also outlined the plan in a Wall Street Journal opinion article.
The suggested changes to Social Security include gradually raising the retirement age from 67 to 70, changing benefit formulas to increase progressivity, updating the method for calculating cost of living adjustments and including newly hired state and local workers in the system.
The Business Roundtable’s plan would protect those 55 and older from cuts, but younger workers would face significant changes. The plan unveiled Wednesday would result in smaller annual benefit increases for all Social Security recipients. Initial benefits for wealthy retirees would be smaller.
