Sigmar Gabriel, the head of the center-left Social Democratic Party, doesn’t think much of raising the retirement age to 69. He called it a “stupid idea.”
That’s an extremely hasty assessment of a proposal that would not be fully implemented for another 48 years. It is more likely than not that, by the end of the next decade, what will then be the legal retirement age of 67 will have to be raised once again.
And yet, the suggestion last week by Germany’s central bank, the Bundesbank, to raise the retirement age to 69 after 2060, feels more like an abstract intellectual exercise than a substantial contribution to the current debate.