The largest group of House Republicans put up a proposal on Wednesday to increase the US retirement age for receiving full Social Security payments from the current 66 to 69.
The proposal was made as part of a fiscal blueprint by the Republican Study Committee (RSC), which included 176 of the 222 Republican members of the House of Representatives.
Two-Thirds of Cuts Target Social Security and Medicare
The fiscal blueprint called for spending to be reduced by $16.3 trillion over the next ten years compared to the expected baseline.
The plan also calls for extending the Trump administration’s tax cuts for the rich, which are presently set to expire in 2027, while keeping Pentagon spending at a colossal $886 billion for the upcoming fiscal year.
Two-thirds of the cuts suggested by the RSC would be absorbed by automatic (entitlement) spending programs like Social Security, Medicare, and Medicaid, while one-third, or nearly $5 trillion, would be absorbed by discretionary expenditure programs, those that require annual congressional approval.
If military spending remained unchanged, all domestic social spending would be subject to discretionary cutbacks, with reductions of at least 30% being made to programs related to the environment, mass transit, housing, and education.
Read more: Controversial Proposal: House Conservatives Target Social Security Benefits For Cuts
Balancing Sustainability and Retirement Benefits
The New Deal Roosevelt government created Social Security in 1935. The centerpiece of the Johnson administration’s loudly declared battle on poverty was Medicare, which was founded in 1965.
Democrats swiftly gave up on the battle, but Medicare has remained a constant in the lives of tens of millions of senior citizens and retirees, many of whom are wholly reliant on the government insurance program to guarantee access to reasonable health care.
For individuals turning 62 in 2033—the more than 3 million Americans born in 1971—the RSC proposal would progressively raise the retirement age for receiving full Social Security payments, adding four months per year until age 69.
The lowest age at which persons can retire early with significantly reduced benefits will continue to be 62.
Read more: Cooling Inflation Impact: Social Security’s Cost-Of-Living Adjustment Likely To Fall Below 3%