And Republican Congressman Sam Johnson of Texas has begun the fight to throw all that away with his "conservative" tax-exempt think tank nonsense about Social Security.
I agree with Democrats. Leave Social Security alone. Wait till the crisis arrives before dealing with it. There is no upside to touching it now. Did we not learn that in 2005?
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%.No.
You did not means test the damned program when I was making $1.30 an hour at 16.
President Trump needs to call this Johnson idiot to Trump Tower and smack some sense into him.
Have a little fun. Read "Trump the Press," in which I skewer media experts who wrongly predicted Trump would lose the Republican nomination. "Trump the Press" is available as a paperback, and on Kindle.
For an autographed copy, email me at DonSurber@GMail.com