Since the recession has begun, Congress has been extending unemployment benefits again and again.
Becoming unemployed in your late fifties is always hard, and especially so during difficult economic times such as these.
The proposal here is to transfer such unemployed from the unemployment system to the Social Security system.
While much is made of the fact that Social Security is going broke, doing this transfer will not materially impact that situation, since those in their late fifties are quite likely to start getting benefits within 5 years anyway, and get them for many years. Further, since unemployment benefits keep getting extended, it's a "zero sum game" in terms of immediate cash outlay.
Whereas a real benefit can be realized by the entire workforce if these same people actually stopped competing for work.
In fact, given the times, perhaps some consideration should be given to federal volunteer early retirement -- just as is sometimes done by corporations to turn over personnel and reduce payroll costs due to the entry of more entry level personnel.-- theircompetitor, Aug 12 2010 Logan's Run http://www.imdb.com/title/tt0074812/For idea readers of a certain age [theircompetitor, Aug 12 2010] And here I thought you were talking about Wolverine.-- DrWorm, Aug 12 2010 I knew what Logan's Run was, which is why I was confused how a guy who left civilization gets a pension. I also know they are deferring Social Security till 65 these days, the retire at 55 is as old a reference as Logan's run. A more accurate Logan's Pension would be a hammock in a third world country purchased with what little savings you had saved up before leaving a first world country or maybe joining the Peace Core. (-)-- MisterQED, Aug 12 2010 "Corps", darn, I wrote that the first time. That's what I get for posting before my initial caffeine dose.-- MisterQED, Aug 12 2010 Sounds complicated. From the title, I assumed you were proposing to replace the life-contingent annuity with the annuity-contingent life.-- LoriZ, Aug 12 2010 random, halfbakery