Any economist knows that retirees are Duesenberry Consumers at heart, and will maintain current consumption levels based on past consumption standards whether through a recession or cuts in SS, also driven by deep desires to keep up with the rich.

This is why economists focus on consumption rather than income and wealth, because it reveals what the living standards really are. As always, consumption by retirees will not be affected with cuts in SS. They will keep right on consuming. That's why they're working in fast food jobs now, to pay for the plastic surgery, the new car and catering services for parties.

If it weren't for the automatic stabilizer effect of the Duesenberry Consumption Function, the deep recession and cuts in SS would be a lot worse.

Most likely benefits cuts to social security will be means tested, if any are enacted, which seems unlikely with a democratic President and Congress.

So the reduction in spending will be similar to the reduction in spending from the expiration of the Bush tax cuts, also not mentioned in the article.

However in both cases, the government will borrow less, tax less, or spend more, balancing out the effects of the rise in taxes or cuts in social security benefits.

The chart shows the growth in health insurance/care costs diverting money from autos, eating out, and furnishings.

""There are going to be many luxury items that will simply have to be eliminated," for retirees to make ends meet."

What luxury items?

The biggest expenses were health and food. Hobbies, appliances, booze and such were already minimal. Pretty tough to pare back on what isn't there, unless one considers food and healthcare luxuries.

Did they take into account the boomers who are aleady retired, including the ones who got the boot from the job they wanted to keep and are now living on so much less that heat and airconditioning may be considered luxuries. Eating out isn't on the radar anymore for many people still working. Eating in means eating more snack ramen, soup and peanut butter.

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