What happens when one of the major political parties suggests the most modest of reforms to the benefits future Social Security beneficiaries will receive?
The other major political party goes ballistic.
Such were the atmospherics when the Republican Study Committee (RSC) played against the prevailing type with the GOP so far and issued a plan that included tweaking the retirement age.
According to the RSC plan, the changes are intended to “prevent Biden's cuts to Social Security.” Setting aside who would be responsible for any future benefits cuts – which are all but assured if no one does anything now to avert them — the plan attempts to cover its political bases as thoroughly as possible, noting that then-Sen. Joe Biden supported earlier tweaks to the Social Security system that raised the retirement age from 65 to 67 :
When President Biden served as a Senator in 1983, “…he was directly involved with one bipartisan compromise that became law and kept Social Security solvent for decades.” He, other Democrats, and Republicans came together in a bipartisan fashion to address Social Security's solvency issues at that time. Biden voted to raise the retirement age from 65 to 67, tax Social Security benefits for the first time, and delay cost-of- living adjustments to preserve the solvency of the OASI trust fund.
The new proposal suggests:
…delayed changes to the Primary Insurance Amount (PIA) benefit formula, the retirement age, auxiliary benefits for high-income earners, and gradually moving towards a flat benefit.
It also urges all sides to come together and discuss reforms like adults and statemen, which is asking a great deal from the current bunch of time servers in the White House and Congress.
Too much, it seems, as Team Biden preferred to throw mud rather than talk:
…the Republican Study Committee – which represents 100% of House Republican leadership and nearly 80% of their members – just proposed yet another budget that would cut Medicare, Social Security, and the Affordable Care Act, as well as increase prescription drug, energy, and housing costs – all while forcing tax giveaways for the very rich onto the country. Their plan would even raise the Social Security retirement age.
“Raise the Social Security retirement age…” just like Joe did way back in the day.
It's naïve to hope that the major parties would discuss such important fiscal matters in an election year (or any other year, really). But one might still hope that at some point, such discussions will happen despite the base instincts of pols and their handlers.
That point will come…sometime around 2033 or so when there won't be enough money to pay current beneficiaries…and their monthly checks will be cut. Act now, or cut later.
The opinions expressed in this article are those of the author and do not necessarily reflect the positions of American Liberty News.
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