Kucinich sees 1 million new jobs in early retirement program

Congressman Dennis Kucinich (D-OH) has an idea he thinks will create 1 million new jobs, fast.

His piecemeal solution to the employment crisis: get the old people to retire and bring in some "new blood."

By providing government incentives for workers to retire at the age of 60 instead of 65, Kucinich believes all the newly open positions would create a surge of fresh employment.

"Nearly 70 percent of workers elect to take early retirement under current rules, which allow eligible individuals to begin receiving a reduced Social Security benefit starting at age 62," a media advisory from the Congressman's office claimed. "The Kucinich Plan would reduce the eligibility age to 60 for the first million workers who want to take advantage of an earlier retirement date."

With some 4.2 million U.S. workers between ages 60-65, Kucinich believes at least 1 million will take advantage of early retirement, even though the Social Security payout would be at a reduced rate. Additionally, instead of Medicare, Kucinich proposes early retirees received health coverage through the COBRA program.

Kucinich estimates the cost of his plan to be around $15 billion -- funds that will not come from Social Security, but out of amounts already set aside to cope with the financial crisis.

"This is something we could do now," he said. "This gives companies a chance to get new blood in, in a way that does not make them get more money to do it."

"My plan is a cost-effective way to create job opportunities for younger workers while making it possible for older workers to retire at 60 with the equivalent of their social security early retirement benefit."

This video is from NBC affiliate station WKYC in Ohio, broadcast Jan. 25, 2010.