House Republicans Just Revealed Their Plan To Cut Social Security
In a move that is sure to anger hard-working Americans, House Republicans have put forward legislation aimed to cut Social Security that could pass under unified GOP government next year. Congressman Sam Johnson (TX), the Chairman of the House Social Security subcommittee, made the announcement on the House floor, several news outlets reported Friday.
Congressional Democrats are not happy with the move and have called for an increase in benefits for some groups, rather than any reductions.
“Apparently nothing upsets House Republicans like the idea of hard-working Americans getting to enjoy a secure and dignified retirement,” House Minority Leader Nancy Pelosi said.
Journalist Josh Marshall went further, warning that “Republicans apparently aren’t going to be satisfied with phasing out Medicare. They’re going to try to pass huge cuts to Social Security this year too. Not Bush-style partial phaseout but just big, big cuts. And you’re out of luck even if you’re a current beneficiary. ”
As The Examiner states:
“The bill would reduce costs by changing the benefits formula to reduce payments progressively for high earners. It would also gradually raise the full retirement age from 67 to 69 for people who are today 49 or younger. Lastly, it would change the inflation metric used to calculate benefits to one that shows lower inflation, essentially slowing the growth in benefits, and eliminate cost of living adjustments for high earners.”
You can read the full bill here.