A Republican Study Committee’s proposal would eliminate Social Security’s 75-year deficit – solely by cutting benefits. Here are the income groups that would see the biggest cuts, according to the plan.
Even Donald Trump said he wouldn’t mess with the program’s benefits. Yet, the Republican Study Committee’s Blueprint to Save America, released in June, has a full section devoted to Social Security. I had never heard of the Republican Study Committee , but apparently the organization has served as the conservative caucus of House Republicans since its founding in 1973, and it currently consists of 158 of the 212 Republican House members.If the Republicans take over the House, Rep.
The proposal in the RSC document — Make Social Security Solvent Again — is based on a bill put forward in 2016 by Sam Johnson . That legislation would eliminate Social Security’s 75-year deficit solely by cutting benefits. According to scoring by the Social Security actuaries at the time, the Johnson plan would reduce Social Security costs at the end of the 75-year projection period by 31%.
At first glance, one might conclude that’s a fine outcome: cut the benefits of the well paid and preserve the benefits of the low paid. But look closely at the earnings associated with the categories of well paid. The medium worker, who sees benefits drop to 77% of current law, had career average earnings of $58,700 in 2021 and the “high” earner, who sees benefits drop to 40% of current law, earned $94,000.
Policy makers do need to address Social Security’s long-run deficit, but the fact that a majority of House Republicans may support a plan that cuts Social Security by a third should terrify voters. Why put out such a document?
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