Social Security & Medicare cuts ‘off the table’ but commission possible - AMAC & CNBC
Speaker Kevin McCarthy meets with President Biden at The White House today, Wednesday February 1st. Lorie Konish of CNBC has been previewing how the two might tackle Social Security and Medicare, two programs headed for insolvency. McCarthy has stated any cuts to the two programs are “completely off the table.” In a Sunday interview he referenced the GOP’s ‘Commitment to America’ which calls for “strengthening” the two. Democrats don’t like to talk about Social Security and Medicare and pounce at any hint of changes.
Sen. Joe Manchin (D-WV) has said cuts to Social Security and Medicare should not be included in debt ceiling negotiations, but he expressed interest in including legislation to create a commission in the debt-limit increase. Manchin also favors raising the cap on payroll taxes. The GOP has generally opposed tax hikes and instead prefers raising the retirement age, among other changes. Full article here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved with no tax increases by changing cost of living adjustments, the retirement age, and delayed credits. AMAC advocates for a bipartisan compromise, “The Social Security Guarantee Act,” taking selected portions of bills introduced by former Rep. Johnson (R-TX) and current Rep. Larson (D-CT) and merging them with the Association’s own research. One component is Social Security PLUS, a voluntary plan to allow all earners to have more income at retirement. This component is intended to appeal especially to younger workers. AMAC is resolute in its mission that Social Security be preserved and modernized and has gotten the attention of lawmakers in DC, meeting with a great many congressional offices and their staffs over the past several years. Read AMAC’s plan here.