House speaker fight: The real reason why Kevin McCarthy still hasn't been replaced

The squad has infiltrated the government and now it appears that there are also a couple of defectors in the Republican House. Doesn't take but a couple rats when the numbers are so close.

V1 : https://youtu.be/uKXDPOZKfEU?si=FZlNxOeOFhcQiehx


V2 : https://youtu.be/H0La6eEs8HM?si=jPJjLOsSAQBrXYb7


1.) The House Republican Study Committee Budget Proposes Harsh Changes to Social Security

The proposal would raise the retirement age for full Social Security benefits to 69.

The House Republican Study Committee (RSC), a caucus of 176 House Republican members, has proposed multiple harsh changes to Social Security in its fiscal year 2024 budget. Although the budget is vague on details, a press conference held by the RSC Spending and Budget Task Force and reporting from Roll Call indicate that the budget proposes to raise the retirement age at which Americans can receive full Social Security benefits to 69. This would cut the benefits of future beneficiaries by about 13 percent. The budget also recommends two harmful benefit cuts for future beneficiaries of the Social Security retirement program, and it would make harsh changes to the Social Security Disability Insurance program. Together, these proposals would cut $718 billion over 10 years from the Social Security program and mean further spending reductions in later years. Congress and the president should reject these proposed changes.

According to Roll Call, the RSC budget proposes to increase the age for full retirement benefits from 67 to 69 over an eight-year period beginning in 2026. More specifically, the age at which workers who retire could receive full benefits would increase by three months per year for those who will reach age 62 from 2026 to 2033. For workers who reach age 62 after 2033, the age for receiving full benefits would remain at 69. Thus, all workers who are now ages 59 or younger would see an increase in the age at which they could draw full retirement benefits. Current retirees or those who have reached age 62—the age of earliest eligibility for retirement benefits—by 2025 would be exempt from the increase.

* 13%
The amount, under the RSC proposal, by which all subsequent retirees would see their benefits cut when the retirement age reaches 69 in 2033

* Raising retirement age would disproportionately harm low-income and middle-income seniors

Workers who are currently age 59 would have only 3 years to adjust their retirement plans

According to Roll Call, the RSC proposal would give workers who are 59 today only three years to make adjustments to their planned retirement age, savings, and other financial choices in response to the gradual phase-in of a higher retirement age and/or reduced Social Security benefits. This is not enough time and will likely result in unnecessary hardship.

* Responses to arguments for raising the retirement age

Proponents of increasing the full retirement age often argue that people are living longer and can work more years, so raising the retirement age would help address labor shortages. There are two problems with this argument.

* First, many people cannot work longer as they age because they have poor health, are jobless, have caregiving responsibilities, or have physically taxing jobs. Research by the National Academy of Social Insurance found, “In 2012, over eight million older workers [ages 55 and above] were forced to retire earlier than they had hoped to due to health problems.” Second, the low-income and middle-income seniors who would be hardest hit by the increase in the retirement age have not seen the life expectancy gains that higher-income people have experienced. This is especially true for Black retirees, who, on average, have lower lifetime earnings than white retirees. Such retirees face a shorter life expectancy, on average, than white retirees. For many of these individuals, raising the retirement age would only put financial security further out of reach.

Conclusion

The RSC budget, if enacted, would change the Social Security program by significantly reducing benefits for future retirees who will depend on the program to make ends meet. One of the changes—raising the retirement age—would especially hurt low-income and middle-income retirees. The budget would also make myriad changes to SSDI by cutting benefits, reducing eligibility, and decreasing access to representation in the appeals process. All told, the RSC budget proposes $718 billion in cuts to the Social Security program over 10 years and further spending reductions in later years. Congress and the president should reject these changes.

SOURCE : https://www.americanprogress.org/article/the-house-republican-study-committee-budget-proposes-harsh-changes-to-social-security/

Very interesting!