Meteor Blades at http://www.dailykos.com reports that Senators Graham, Paul, and Lee are proposing to put in a phased increase in the Social Security retirement age to 70 and to also limit the benefits paid to higher income people. First of all, I agree with Dean Baker and Bruce Webb, both of whom continue to do yeoman labor pointing out the many flaws in the arguments by many commentators about social security, that there is no serious financing problem with social security.
That said, I agree with Blades that this is a pernicious proposal. Raising the retirement age will hurt minority and blue collar workers. It is also not clear that we will continue to see increases in life expectancy, with poor white women particularly showing declining life expectancy in recent stats. Yes, cutting benefits to higher income types would be progressive, but it would also undercut them being willing to support the system. If somewhere down the road (not now), a fix is needed, raising the income cap on fica would be preferable as a progressive solution.
I also note that these proposals resemble those put out by Bowles and Simpson, who co-chaired the Cat Food Commission, and which some commentators think was wonderful, although the commission never formally put anything out as a whole, due to opposition to any tax increases by the likes of Paul Ryan. Ironically, Ryan has left social security alone in his bizarre budget proposal, just passed by the House without a single Dem supporting it. He is too busy going after medicare and medicaid, while proposing massive tax cuts for the rich that mean that his budget would run even higher deficits over the next decade than the status quo. What a joke, given all the serious commentators claiming he was "serious."