GOP introduces plan to massively cut Social Security

[RandomGuy]

On Thursday, Rep. Sam Johnson, a Republican from Texas and chair of the Social Security subcommittee, introduced legislation to significantly cut Social Security.

The bill introduced by Johnson, who was recently acting Chair of the Ways and Means committee, slashes benefits, adds means testing, and would raise the retirement age from 67 to 69.

For most workers, the bill would cut Social Security benefits substantially. As Michael Linden, associate director for tax and budget policy at Center for American Progress, pointed out on Twitter, a letter from Social Security’s Office of the Actuary calculated workers making around $50,000 would see checks shrink by between 11% and 35%.

Nearly every income bracket would see a reduction, save for the very bottom. People making around $12,280 in 2016 who have worked for 30 years would see an increase of around 20%. But young people making the same amount would be hit hard by the changes. If they had 14 years of work experience by 2016, they would see their benefits cut in half.

The plan would also cut entirely cost of living adjustments (COLA) for retirees earning above $85,000.

If nothing happens, Social Security will start to lose its ability to pay benefits in full in the 2030s. However, Josh Marshall of Talking Points Memo notes that by 2090 it will still be paying at 74%.

Democrats, expectedly, are not pleased with Johnson’s plan, preferring strategies like increasing taxes above the Social Security cap—billionaires pay the same amount as someone making less than $118,500—or raising the Social Security tax itself. There has, however, been a bipartisan effort for a payroll tax to help keep Social Security funded. For now, Congress will deliberate on Johnson’s proposal in 2017.

https://www.yahoo.com/news/gop-introduces-plan-to-massively-cut-social-security-222200857.html?.tsrc=jtc_news_index

[rmt]

Since life expectancy has risen what? 7 years since SS came into being, they should raise the age to collect 7 years - tie SS to average life expectancy. Gotta move all associated with later retirement age too - Medicare, 401k distributions, etc. IMO, that's the least painful way and least likely to be argued against - everyone knows we're all living longer.

[spurraider21]

im all for raising the retirement age of SS

[vy65]

What's wrong with means testing as per the proposed legislation?

[boutons_deux]

im all for raising the retirement age of SS

Why Raising the Social Security Retirement Age Makes No Sense

http://www.pbs.org/newshour/rundown/why-raising-the-social-security-retirement-age-makes-no-sense/

[baseline bum]

Since life expectancy has risen what? 7 years since SS came into being, they should raise the age to collect 7 years - tie SS to average life expectancy. Gotta move all associated with later retirement age too - Medicare, 401k distributions, etc. IMO, that's the least painful way and least likely to be argued against - everyone knows we're all living longer.

Gotta bring that life expectancy back down to where it was in the great depression?

[boutons_deux]

Gotta bring that life expectancy back down to where it was in the great depression?

life expectancy for Trash supporters is down, see recent reports. drugs, alcohol, guns are the killers of choice, in Trumpland.

Epidemic of babies in rural Trump country born addicted. Trash will win that, too!

and American poor people die a lot younger than the non-poor

Raise the Medicare age to 75, that'll kill off a lot of SS beneficiaries real fast.

Repugs will manslaughter 10Ks per year with cuts to Medicare, Medicaid, ACA, so that also saves SS spending.

Things are really looking up for America.

Thanks, Repugs!

[rmt]

Gotta bring that life expectancy back down to where it was in the great depression?

What? Is that a joke or something?

[tlongII]

On Thursday, Rep. Sam Johnson, a Republican from Texas and chair of the Social Security subcommittee, introduced legislation to significantly cut Social Security.

The bill introduced by Johnson, who was recently acting Chair of the Ways and Means committee, slashes benefits, adds means testing, and would raise the retirement age from 67 to 69.

For most workers, the bill would cut Social Security benefits substantially. As Michael Linden, associate director for tax and budget policy at Center for American Progress, pointed out on Twitter, a letter from Social Security’s Office of the Actuary calculated workers making around $50,000 would see checks shrink by between 11% and 35%.

Nearly every income bracket would see a reduction, save for the very bottom. People making around $12,280 in 2016 who have worked for 30 years would see an increase of around 20%. But young people making the same amount would be hit hard by the changes. If they had 14 years of work experience by 2016, they would see their benefits cut in half.

The plan would also cut entirely cost of living adjustments (COLA) for retirees earning above $85,000.

If nothing happens, Social Security will start to lose its ability to pay benefits in full in the 2030s. However, Josh Marshall of Talking Points Memo notes that by 2090 it will still be paying at 74%.

Democrats, expectedly, are not pleased with Johnson’s plan, preferring strategies like increasing taxes above the Social Security cap—billionaires pay the same amount as someone making less than $118,500—or raising the Social Security tax itself. There has, however, been a bipartisan effort for a payroll tax to help keep Social Security funded. For now, Congress will deliberate on Johnson’s proposal in 2017.

https://www.yahoo.com/news/gop-introduces-plan-to-massively-cut-social-security-222200857.html?.tsrc=jtc_news_index

And your take on this is...?

[Nbadan]

What a crock...

[Nbadan]

SS is viable, lawmakers just want to continue charging the taxpayers intrest to borrow and spend their own retirement money....

[RandomGuy]

What's wrong with means testing as per the proposed legislation?

Nothing. Sounds good to me.

[Nbadan]

Nothing. Sounds good to me.

I'm for means testing too and also raising the upper limit on the tax to one million...that alone will keep SS perpetually viable..

[CosmicCowboy]

I'm for doing what they have always done. Just spend what they want and borrow whatever they need if revenue doesn't match expenditures. After all deficits don't matter, right?

[Bender]

I'm for means testing too and also raising the upper limit on the tax to one million...that alone will keep SS perpetually viable..
not 1 mill... but a hell of a lot more than the current 118,500 or whatever it is

[Winehole23]

I've heard it said SS can be fixed permanently and forever without cutting benefits, eligibility or soaking the rich.Simply raise the payroll tax by a tenth of a percent a year until the balance between wage growth and the cost of retirement is restored.

[Winehole23]

It lacks the simplicity of blaming the heartless rich or lazy, undeserving seniors, but does the math work?

[ElNono]

talk about fear mongering...

[Winehole23]

Soaking the rich is a short term fix -- politicians will eventually take it away. Contribution increases need to include everyone involved.

[rmt]

No more taxes - they get more than enough money from us. Govt needs to stop spending/wasting so much. Raise the age to reflect life expectancy.

[Winehole23]

the US government is about to start spending more. without raising taxes -- indeed, we'll be cutting them -- we'll have to borrow more to pay for it.

good thing deficits don't matter with Republicans in charge, the economy might actually get the public stimulus it needs to kick start productivity and job growth.

[Winehole23]

shovel ready?


U.S agency on Friday endorsed an expensive plan to expand and repair the busy U.S. Northeast Corridor rail lines over the next three decades, adding new tracks in most locations and cutting the time to travel from Washington to New York by 35 minutes.


But it will be up to the incoming Donald Trump administration and Congress, states, cities and railroads to decide whether to move forward with expensive improvements. New projects and tracks will require more review and more environmental studies, as well as significant funding.


Trump has promised to spend billions of dollars on improvements in U.S. infrastructure such as highways, bridges and mass transit

[Winehole23]

one party rule makes robust government activism possible. I expect at least four years of energetic government.

[DMC]

Wealth redistribution by force, it's all the rage.

[Winehole23]

disagree. it'll be done in the usual way.

through duly elected representatives, to benefit the well connected.

[Winehole23]

the plebes should be grateful for whatever crumbs fall off the table.

[Winehole23]

damn ingrates. if they were worth a toss, they'd be sitting at the table, instead of fighting for scraps.