GOP Is Lying About Not Cutting Social Security Benefits

 

If they win control of the House of Representatives, Republicans have said they would cut funding for Social Security. And they would use the debt limit to do that. They are threatening to refuse to raise the debt limit (throwing the nation into defaults on its debt and trashing the economy) unless President Biden (and the Senate) agrees to cut funding for Social Security.

What kind of cuts do they plan. Well, one change they want to make is to raise the age to access benefits from 66 to 70 -- and they want to do away with early retirement (meaning no one could go on Social Security until the age of 70). Currently, a person can retire at 62 with slightly less than a full benefit.

Now, if you are a banker or CEO that sits behind a desk all day, that probably wouldn't affect you at all. You probably don't need Social Security to begin with, and can easily wait until 70. 

But most Americans, especially in the working class, have to actually work for a living. And many, if not most, have to do physical labor to earn their living. They would be lucky if their bodies allow them to reach 66 to retire -- and many doing hard physical labor need the ability to retire at 62. And many of the working class earners will have only Social Security to live on when they retire.

What are they going to do if their body forces them to retire at 62 or 66? Are they going to have to live without any income for four to eight years? That's what the Republican cuts would force them to do!

Republicans claim they wouldn't cut benefits, but that sounds like a substantial benefit cut to me -- a cut that would throw many seniors into poverty!

There is no need to do this. Yes, Social Security needs to be adjusted, because it will soon have to cut benefits if more funding is not found. But that can be easily done with cutting benefits (including raising the minimum age of retirement). 

In 2023, the tax withheld to pay for Social Security is capped at $160,200. In other words, anyone making less than $160,200 will pay a tax on all of their income. But those making more will pay the tax on only $160,200 (that includes millionaires and billionaires). 

The fair way to fund Social Security would be to have everyone pay the same percentage (about 6.2%), and that would fund Social Security far into the future without cutting any benefits. Even raising the cap to $250,000 would adequately fund Social Security for many decades.

Republicans are lying when they say they wouldn't cut benefits, and they are lying when they say cuts to Social Security are needed. Don't fall for their lies. You earned your Social Security benefits by paying into the program for your entire working life. Don't let the Republicans steal your benefits with their lying.