4 Ways The GOP Would Undermine Social Security And Medicare

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I’ve been on the retirement beat for decades. One consistent fact I’ve noticed over the years is that many, though not all, Republicans in Congress have proposed cuts or privatization of Social Security and Medicare.

This is not my opinion. It doesn’t take long to see what GOP representatives have put on the public record. Here’s a sample:

  • In November 2022, John Thune, the number two Senate Republican in leadership, announced That Social Security and Medicare benefits should be cut.
  • Florida Senator Rick Scott championed a scheme Medicare, Medicaid, and Social Security are to be cut every five years, which would jeopardize the health and economic security of 63 million Medicare beneficiaries, 69 million Medicaid beneficiaries, and 65 million Social Security beneficiaries. Senator Ron Johnson of Wisconsin proposed to eliminate these laws every year. Scott recently modified The plan, though many in the GOP have embraced the concept of raising the Medicare age and cutting benefits.
  • The Republican Study Committee – which includes a majority of House Republicans – released a formal budget, According To Politico, “Each program includes raising the eligibility age as well as freezing payments for individuals who retire early or have a fixed income, and privatized funds for Social Security to reduce income taxes.” “
  • And in 2015, most House Republicans, including Speaker McCarthy, Rep. Scalise, and many others in the current leadership include, voted To raise the retirement age to 70, which would cut Social Security benefits for the millions of seniors who have paid into the system over the years.
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there’s more. According to National Committee to Protect Social Security and Medicare “The House Republican Study Committee The 2022 budget blueprint – supported by more than 180 GOP members of Congress – included one-time benefit cuts. It would raise the Social Security full retirement age to 70, reduction in lifetime benefits Over 20% for some senior citizens. GOP Blueprint Will Be Too Reduce annual cost-of-living adjustments (COLAs) and instrument test benefits. They are all cut, plain and simple.

Underpinning the Social Insurance debate is the fact that fewer workers are supporting more retirees as the US population ages.

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Social Security Trust Fund can be expires by 2035, This could lead to a reduction in benefits – unless Congress acts to strengthen the system. There are many fair, fiscal ways to address this issue, but to date, Congress has not acted.

Credit: www.forbes.com /

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