December 23, 2016

How Republicans want to wreck Social Security

Popular Resistance - Trump said he would oppose cuts to Social Security, so we will have to see where this goes or if it goes anywhere. But, Rep. Sam Johnson—Chairman of the House Social Security Subcommittee—introduced a bill that would cut most Social Security recipients’ benefits by an average of 27%. And, if you live a long life, you could lose up to three-quarters of your benefits. Cut include raising the retirement age to 69 (equivalent to a 13.5% across-the-board cut), changing the benefit formula (9% average cut), and slashing the cost-of-living adjustment (13%average cut) and this at a time when Social Security provides poverty-level income. He cuts more than needed to “save” Social Security and the saving would go to tax cuts for the wealthy. Of course, the right way to save Social Security and expand benefits is to lift the cap on the Social Security tax and treat investment income the same as work-based income.

No comments: