(March 25, 2024 at 11:08 am)Angrboda Wrote:Quote:On Wednesday, the Republican Study Committee (RSC) — a caucus that represents 80 percent of House Republicans, including the party’s entire leadership — unveiled a budget that calls for cutting Social Security benefits and establishing that human life begins at conception.
The RSC tried to obscure the implications of its Social Security policy by describing its proposal as an increase in “the retirement age,” and declining to specify what the new age should be.
But that is just an opaque way of describing a large cut in benefits. As Matt Bruenig notes, Social Security does not have a single retirement age: It has 96 different retirement ages, each associated with a different level of benefits.
When lawmakers talk about “raising the retirement age,” they are really calling for an increase in the “full retirement age” — a variable in a formula that determines benefit levels at all 96 retirement ages. Raising the full retirement age to 69 — as the RSC proposed last fall — would translate into a roughly 14 percent cut to Social Security benefits, according to the Center on Budget and Policy Priorities.
The RSC’s proposal would not impact existing beneficiaries, but those retiring as soon as 2033 would have to get by on lower monthly incomes.
The RSC budget falsely suggests that its reforms would leave future retirees better off than Biden’s entitlement policies would. The caucus notes that, absent policy change, Social Security’s trust fund will become insolvent by 2033, a development that would trigger a 23 percent cut to benefits, and it claims that simply letting Social Security go bankrupt is Biden’s actual plan.
But this is a description of Trump’s position, not the president’s. The likely GOP nominee has offered no explanation for how he would keep Social Security funded. To the contrary, he has signaled plans for slashing federal tax revenues by trillions of dollars, policies that would make preserving existing benefit levels even more fiscally challenging.
https://www.vox.com/politics/24108954/re...tion-biden
(Bold mine)
Biden’s actual plan is to remove the income cap on SS taxes and to raise taxes on the wealthiest Americans. Republicans don’t acknowledge this, because taxing the rich would leave them less able to purchase judges and Congresspersons at fire sale prices.
Boru
‘But it does me no injury for my neighbour to say there are twenty gods or no gods. It neither picks my pocket nor breaks my leg.’ - Thomas Jefferson