A key Republican lawmaker wants to overhaul Social Security, the decades-old program that provides benefits to some 60 million retirees and disabled, with a plan to gradually increase the retirement age and slow the growth of benefits for higher-income workers.
Rep. Sam Johnson of Texas, the chairman of the House Ways and Means subcommittee on Social Security, introduced legislation just before the end of the congressional session last week that he said would “permanently save” the program. He said the bill would increase benefits for lower-income workers.
About 168 million people work and pay taxes toward the inevitable monthly Social Security benefits. About 42 million of the beneficiaries are retirees and their families. The trustees who oversee Social Security say it has enough money to pay full benefits until 2034, and then Social Security will collect only enough taxes to pay 79 percent of benefits.
Unless Congress acts, millions of people on fixed incomes would get an automatic 21 percent cut in benefits.
“Americans want, need, and deserve for us to finally come up with a solution to saving this important program,” Johnson said.
Next year, with Donald Trump as president, congressional Republicans plan to take a wrecking ball to the eight years of President Barack Obama’s policies, from the health care law to environmental regulations. Medicare, a program created under another Democrat, Lyndon B. Johnson, is in the crosshairs of Speaker Paul Ryan, R-Wis., and Trump’s pick for Health and Human Services secretary, Rep. Tom Price.
Ryan and Price favor privatizing the program, arguing that a voucher-system is necessary to ensure Medicare’s long-term solvency.
Conservatives like Johnson, who have pushed their priorities for years under divided government, see an opportunity to tackle Social Security next year.
Johnson’s bill is designed to slow the growth of Social Security costs while boosting some minimum benefits for those who earned lower wages over longer careers. It would also limit the size of benefits for spouses and children of high-income earners, among other changes in how the benefits are calculated.
The retirement age would be gradually increased to 69, starting with those who were born in 1968 and would likely retire in the mid-2030s. Currently, individuals can receive benefits as early as age 62. The bill’s summary says the new retirement age would better reflect Americans’ longer life expectancy.
But it’s unclear if his proposal — or any others to revise Social Security — will move. Trump, who enjoyed strong support from working-class Americans, promised during the campaign not to cut Social Security and Medicare. Ryan told CBS’ “60 Minutes” earlier this month that he has no plans to change Social Security.
The issue has long been unpopular on Capitol Hill, where even some GOP lawmakers are nervous about changing a program seniors rely on so heavily. President George W. Bush proposed a partial privatization of the program in his second term, but the effort failed in a Republican-led Congress and may have contributed to his party’s sweeping losses in the 2006 midterm elections.
Neither Ryan nor the Republican chairman of the Ways and Means Committee, Texas Rep. Kevin Brady, would endorse Johnson’s bill.
AshLee Strong, a spokeswoman for Ryan, said the bill “is one of many Republican ideas put forward to strengthen the program.” Lauren Aronson, a spokeswoman for Brady, said he appreciates Johnson’s commitment to a thoughtful conversation but also “sees the proposal as one of many ideas” to address the program’s challenges.
Ryan has long been one of the most outspoken in his party on the need for entitlement reform, including Social Security. But he has indicated that he’s more likely to first focus on Medicare’s insolvency, now predicted for 2028.
Democrats immediately rejected Johnson’s measure.
“While Speaker Ryan sharpens his knives for Medicare, Chairman Johnson’s bill is an alarming sign that Republicans are greedily eying devastating cuts to Americans’ Social Security benefits as well,” said House Democratic Leader Nancy Pelosi of California.
The Associated Press contributed to this article.
Well great 🙂 Who are these high income workers? If you make over $108,000 you don’t have to pay in. So now if you die your kids are going to get screwed and your benifits are going to fall farther and farther behind inflation. . The only reason Social security is in trouble is that the people on top are the only ones that have gotten raises and they don’t pay in. How about everyone pays in on all of their earnings or even what about raising the rate a little. Funny it was just anounced that American’s life expectance went down this year so they want to raise the age of retirement. Trump gave his word on Social Security and Medicare. I am certain he will kill this lunacy!!!.
I don’t know about that. Trump hasn’t even been inaugurated yet, and he’s already backing away from several of the policies that got him elected. I voted for him, but I only did so because of the threat another Clinton administration poses.
What a shame it is that now I don’t vote “for” any
candidate, but rather “against” that candidate’s opponent. For example, I never voted “for” Bushie Jr. I voted “against” Al Gore.
Trump is a complete ass, in my opinion, but I couldn’t bring myself to vote for the sociopathic megalomaniac I consider Hillary Clinton to be.
That, in my opinion, doesn’t represent a “choice” by any stretch of the imagination.
We’re all going to be screwed, just not in the same way Hillary had planned.
As proof of what a whacko Hillary truly is, she cannot, and will not, accept the Hillarectomy the American public handed her in a valid election. As I recall, denial of reality is an excellent way to get yourself locked up in a rubber room. And she thinks she should be POTUS in the face of all credible evidence to the contrary? I think not. Talk about a dodged bullet!!
Why not wait until Trump is sworn in as President and then give him 6 months or so and see what he does before calling him names or wanting to throw him out.I’m glad you voted for him but unless you see him say something don’t believe anything you hear or read in the MSM.They lie and they want Trump to fail.Please give the man a chance.I believe he will do a great job for us and our country.But all the decisions are not his alone.Congress has to approve what he wants and with people like John McCain, Lindsey Graham and Mitch McConnell and some others it won’t all be smooth sailing.We may have to help by writing to our Congressmen and advising them to work with Trump or you won’t get my vote next time.Tell them you want to make America great again
HOW DO YOU KNOW HOW BAD YOU THINK TRUMP WILL BE WITH OUT EVEN GIVING HIM A CHANCE, HE ISN’T EVEN SWORN IN YET AND YOUR EXPECTING MIRACLES, HE CANT DO ANYTHING TILL HE IS SWORN IN, YOU SOUND LIKE A DEMOCRAT WHO HAS ALREADY LOST. iF WE DON’T HAVE HOPE IN TRUMP WE WILL FEEL JUST AS BAD AS YOU DO. SO WAKE UP A NEW TOMORROW IS COMING.
The way to save SS is to simply pay all the IOU’s it is holding. SS & Medi should be for Americans only. With Barrys ACA, too many people were put on both programs. Both programs need to be looked at carefully. I am not for changing either one.
The only reason Social Security and Medicare are in trouble in the first place is the politicians robbed Social Security to use for thr own private agendas and stuck an IOU in thr to take its place of the money they stole with no intention of paying it back, And this incompetent so called president robbed Medicare to start his own Ponsi scheme to bilk the American people out of millions, maybe billions of dollars to stuff into his Obamacare scam to also fleece the taxpayers under the guise of health care.THIS GOVERNMENT STOLE ALL THAT MONEY AND WE SAT OUT HERE AND COULDN’T DO A DAM THING ABOUT IT. THEY SHOULD ALL GO TO PRISON FOR WHAT THEY DID. CONGRESS, THE SENATORS AND THE LEGISLATORS, EVEN THE SUPREME COURT JUSTICES WERE ALL IN IT TOGETHER BECAUSE THE KNEW IT WAS GOING ON AND DID NOTHING ABOUT IT EXCEPT SIT BACK AND DRAW THR OUTRAGEOUS SALARIES
If the government would quit giving our benefits to illegal aliens, refugees, and anybody else they feel like giving it to Social Security would be solvent. Correct me if I’m wrong but I believe it was President Johnson who start dipping in the Social Security till. People who work hard their whole lives deserve to have good benefits. This is an insurance policy, not a hand out, not an entitlement. It should be that only the people that pay in are entitled to receive the benefits. It should not be treated as the governments private checkbook!
If all the IOU’s are paid back to Social Security none of this would be necessary…. So much money has been taken from SS to pay for other so-call Government project but never refunded,, I knew a man that retired from The Treasury Dept. he said there is a stack of IOU’s in that vault that would make the American worker curse out loud if they people knew it.. This should be brought up to whomever want to privatize SS and make the Government pay back what has been stolen. Many, many die before they reach the age to began SS payments and what about all that money? There is no need for this to happen and it another stand WE THE PEOPLE need to stand up and be counted saying stop robbing the poor to benefit the rich. .. Roseavelt began this program and made it clear that these funds were never to be used for anything other then retired workers,, But his words were pushed aside and the government has borrowed and borrowed from it until now the cocks are crowing…
Tie congresses pay raises to the same index as social security and veterans for pay raises. They don’t deserve more pay raises than we do period.
If we take a cut congress should take a cut in pay too.
I like this idea, however Paul Ryan and Mitch McConnell won’t agree to this..
you are right Paul Ryan (‘Better Way’) is even worse. Do the math, a 401k plan compared to real retirement plan like SS and you will receive between 40 to 60% of what you will get now. No disability if life deals you that bad hand. No SS for your kids and spouse if you die.
If you want to see what really goes on watch the senate or house on TV. some are so old they need naps, some are not to bright. I sure hope someway Trump gets rid of the weeds in our gov. Look up DARK
it stand for Denying American The-Right to Know. I believe House passed it. It is about not labeling GMO,s. Call you representatives. Find one that listens, like I did .
Its like this- – – how about the congress PAY BACK their IOU’s??? The government did not pay one iota into this fund but they sure enjoyed tapping it for their bridges to nowhere!
This is NOT an ENTITLEMENT! I for one sure gets sick and tied of all the BS our so called politicians like to stuff down our throats. This is from “Snopes”
Q: Which Political Party took Social Security from the independent “Trust” fund and put it into the General fund so that Congress could spend it?
A: It was Lyndon Johnson and the Democratically-controlled House and Senate.
Q: Which Political Party eliminated the income tax deduction for Social Security (FICA) withholding?
A: The Democratic Party.
Q: Which Political Party started taxing Social Security annuities?
A: The Democratic Party, with Al Gore casting the “tie-breaking” deciding vote as President of the Senate, while he was Vice President of the U.S.
Q: Which Political Party decided to start giving annuity payments to immigrants?
MY FAVORITE :
A: That’s right! Jimmy Carter and the Democratic Party. Immigrants moved into this country, and at age 65, began to receive SSI Social Security payments! The Democratic Party gave these payments to them, even though they never paid a dime into it!
Then, after doing all this lying and thieving and violation of the original contract (FICA), the Democrats turn around and tell you that the Republicans want to take your Social Security away!
And the worst part about it is, uninformed citizens believe it!
you might want to check this site for the correct answers:
https://www.ssa.gov/history/InternetMyths2.html
I forgot one important thing- – – – – – REMOVE SSN from the general fund!! This ought to be Trumps main goal in saving SSN.
Illuminating Congressional retirement & health benefits paid for by tax payers & making them live on Social Security & Medicare would get money back into Social Security. Pay back ALL of the money “borrowed” from Social Security would make it solvent. The Washington Elite should have to live by the same laws “we the people” live by. What “we” pay each Congressman & Senator in retirement each year would pay over 50 people a normal Social Security check.
Another exercise in can-kicking. Social Security income to the government is “loaned” to the general fund to reduce the annual overspending deficit. There is no pot of money there, just a bunch of IOU’s from the treasury. So there is no significant interest or capital gain income earned on their “investments.” The whole setup is a congressional scam. Put congress in the plan and remove their separate and very generous retirement plan. And let them get paid only if the fund makes a profit.
Medicare and Social Security are NOT entitlements. We’ve PAID for them.
I’ve been self-employed for the last 40 years and have paid the entire 15.3% tax for my Medicare and Social Security, whereas an employer would pay half and the employee pay half. If I had been able to invest that amount in the market instead of having to give it to the government to mishandle, misuse, and misspend and waste the money I paid into the system, even with all the market downturns, I would be a multi-millionaire and could retire without the “help” of the government.
Sorry not true. Take you SS statement look up the dow for each year expand that to present day amount. That will give you a total amount you would have gotten if you invested it (assuming you were lucky) Take that total for years amount and multiple it by .04 the typical payout for a life annuity and compare it with your SS statement estimated payments. You will be glad you will be getting SS. Also note in the above math that nothing was deducted for fund management fees, disability insurance or term life for your kids. I did this for me and SS was 40% higher
yes i did the same thing and know they say they lost my records. I was forest to retire at 62 and applied for disability i was never informed that i was denied but never got a dime last week i had a conference with ssi and i was told i had to appeal there decision with in 90 days if there was no decision and i was not informed how could i appeal it. i should be getting another 1200 a month they are liers and cheats i hope trump stratens thing out. because 60 million seniors are going to be pissed off.
It seems funny to me that when ssi people are not given a raise that the econmy gets worse and the smart ones?? dont seem to realize that. Since Obama care it is costing me money for generic meds and I keep getting less and less money to spend as I have to spend more for all meds I take. and now they say we will get about $4 a month raise and medicare is going up$5 a month. I was talking to a friend thats a waitress and she said a lot of people that used to come to Floida for the winter are not coming this year. That hurts a lot of working people. Funny thing is the ones that voted no raise for ssi. voted for a raise for themselves They were only making $157000 a year. average ssi check is around $12000 a year.They we makingmore then 13 retired people in one year. Time to vote those assholes out. but they will draw their salary for the rest of their lives.Make them all draw and pay into SSI and draw like the rest of us.
I got my letter from Social Security yesterday, well with that big raise they are giving us and raising the price of Medicare, I will be getting $2 a month less in my Disabilty check starting in January … boy I can really live on that raise.
Cut SSA bureaucracy alone in DC Hqs
Merge SS programs like
CUT staffing & save $$$$.
Update monthly checks from abiove alone.
Use monies from Govt waste into SS alone, see CAGW.org
Lets see, our government has no problem footing the bill for people coming into this country illegally, allowing them to receive benefits that are for Americans and programs that Americans have paid into and at the cost of taxpayers who themselves are struggling to get by, and these fat cats in Washington and a fast majority are millionaires want more money to throw at the problem. This is not a government for the people or even by the people, it is a government run by corporations and banking institutes. How about you folks in Congress take a pay cut, and add to that term limits. This is what we get as Americans when we fall asleep at the wheel and refuse to hold these so called elected officials accountable.