As protests sweep France, the U.S. may soon face its own reckoning on Social Security. Here are steps experts say U.S. officials can take in an effort to avoid the same fate.
have taken to the streets in recent months in opposition to the pension reform, with protests at times shutting down schools, public transit and iconic cultural attractions like the Eiffel Tower and the Louvre. Mounds of garbage piled up on the sidewalks and were set ablaze. Violent clashes have beenFrédéric Souillot, the secretary general of the Force Ouvrière trade union, warned Wednesday they were "more determined than ever" ahead of the new wave of protests.
The trust fund that pays retirees is estimated to run dry by 2033, a year earlier than previously predicted, according to a report released last week from its board of trustees. If no solution is reached by then, the program would only be able to pay out 77% of scheduled benefits. French President Emmanuel Macron argued the new law -- which raises the minimum retirement age from 62 to 64 -- was necessary for the survival of the country's pension system. He pushed the deeply unpopular measure forward by shunning Parliament and invoking a special constitutional power.
Some Republicans have floated raising the full retirement age to 70 and making benefit changes to high-earning Americans to bring the system into balance. Democrats have generally proposed expanding benefits and raising taxes on the wealthy.Rich Fiesta, the executive director of the Alliance for Retired Americans, said he would "urge caution" to lawmakers who want to raise the full retirement age in the U.S. beyond 67.
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