The Social Security program is under assault and must be modernized and strengthened, in response to a brand new report from Democrats on the Joint Economic Committee, which recommends coverage to Congress.
“Cuts to Social Security are not a credible solution to pay for the $1.9 trillion that Congressional Republicans have recently added to the deficit in passing their tax legislation,” Sen. Martin Heinrich, D-N.M., the Committee’s rating Democrat, mentioned in an announcement to CNBC. “We must ensure that our seniors are able to retire with dignity.”
Republicans on the Committee didn’t instantly reply to a request for remark.
Some Democrats fear that the latest tax cuts might be utilized by Republicans to make the case that there is a want to cut back different social applications.
Indeed, House Speaker Paul Ryan mentioned on a radio present in December, “We’re going to have to get back next year at entitlement reform, which is how you tackle the debt and the deficit.”
The Social Security Administration’s finances is already decrease. Between 2010 and 2017, its working finances fell greater than 10 %, in accordance to the Center on Budget and Policy Priorities. Some Republicans are additionally trying at proposals that might let folks borrow from their future Social Security advantages to pay for present bills.
The report from the Democrats on the Joint Economic Committee, titled “Social Security: A Promise to American Workers and Families,” examines what would occur if this system was scrubbed all collectively.
“Without Social Security, the modern middle class would not be what it is today,” the report reads. “Social Security, however, is under attack.”
The aged poverty fee can be 4 instances as excessive with out Social Security, with 15 million extra seniors left struggling to make ends meet, it calculates.