While Speaker Kevin McCarthy has stated that no cuts to social security are being considered as part of the debt ceiling debate, some Republicans believe it is ‘unrealistic’ not to consider the entitlement program.
Louisiana Sen. John Kennedy said on Sunday that lawmakers should consider raising the retirement age for Americans in their twenties.
‘People in their 20s will probably have a life expectancy of 85 to 90 years,’ Kennedy said on Fox News.
‘Does it really make sense to allow someone in their twenties today to retire at the age of 62?
‘ he explained. ‘Those are the kinds of things we should discuss; there are changes in Medicare that we should discuss.’
Medicare is one of the largest budget items in the United States, and it is only going to get more expensive as the population ages. President Biden proposed a new tax on wealthy investment income in his budget released last week to extend Medicare’s solvency by 25 years.
Meanwhile, Republican Rep. Nancy Mace told CNN that raising the retirement age for social security “has to be on the table.”
‘We don’t want to take away those who are retired or are about to retire, but if we’re talking about younger generations… Then that should be considered.’
The 45-year-old South Carolina Republican speculated that she herself “won’t have retirement funds” because she “assumes Social Security will be insolvent.”
‘We must consider Social Security. If we’re going to fix Medicare, Medicaid, Social Security, you name it, we’ve got to look at spending in this country, both mandatory and discretionary,’ Mace said. ‘We have to take it seriously.’
Nikki Haley, the Republican presidential candidate, has also stated her support for raising the retirement age for younger people.
‘To say you’re not going to touch entitlements is unrealistic,’ Haley said on Fox News.
‘The thing is, for seniors and anyone nearing retirement, you don’t have to touch it. You’re referring to the next generation, like my children,’ she added.
If no changes are made by Congress, Social Security will be insolvent by 2035. At that point, the program could pay out at an 80 percent rate until 2096. Social security benefits are used by approximately 66 million people.
While House Republicans maintain that they will not cut the widely popular program, there have been bipartisan meetings in the Senate to extend its life.
Louisiana Sen. John Kennedy said Sunday that lawmakers need to discuss raising the retirement age for Americans who are currently in their 20s
(Photo: Provided by Daily Mail)
Sen. Mike Rounds, R-South Dakota, who is involved in the talks, told DailyMail.com last week that proposals such as raising the payroll tax cap above the $160,200 threshold that funds the program or raising the retirement age were “side issues” and that the main focus was on establishing a sovereign wealth fund.
‘Those are secondary in nature to the larger issue of whether we finally do what other pension programs do, which is to invest in the market while providing beneficiaries with a guarantee that their benefits will not change based on market conditions.’
‘Life expectancy in the 1930s was significantly lower than it is today; what will it be in 30 years?
‘Rounds stated. ‘So those are reasonable discussions to have, but they aren’t the most important part of the discussions we’re having today.’
Life expectancy peaked at 78.9 in 2014 and has since fallen to 76.1.
Currently, 62-year-olds are eligible to file for benefits, but they will not receive them in full until they are 66-67 years old, based on their date of birth. Congress voted in 1983 to gradually raise the retirement age to 65-67, citing increased life expectancy and workers staying at jobs for longer periods of time.
Former President Trump, with whom Haley is competing in the GOP primary for 2024, has warned Republicans against cutting social security and Medicare.
‘Under no circumstances should Republicans vote to cut a single penny from Medicare or Social Security,’ he said in a Truth Social video message.
‘Cut waste, fraud, and abuse wherever we can find it, which is everywhere,’ Trump said. ‘However, do not reduce the benefits that our seniors have worked for and paid for their entire lives. Save Social Security rather than destroying it.’
On Sunday, Kennedy slammed Biden for vilifying the debate over the program.
‘The problem is that President Biden decided to demagogue the issue in his State of the Union Address,’ the Louisiana senator said. ‘Everyone saw it.
‘He basically said, ‘If you talk about social security or Medicare, I’m going to call you a mean, bad person.’ And when the president decided to demagogue it, it just took the issue off the table… You can only be young once, but you can always be immature, and I thought it was a very immature thing to do.’
During his yearly address to Congress last month, Biden drew boos from Republicans when he said some of them want to sunset social security and Medicare, which would require Congress to vote on a regular basis to keep them running.
‘Liar!’ yelled Rep. Marjorie Taylor Greene.
‘Anyone who doubts it, contact my office, and I’ll give you a copy of the proposal,’ the president said, referring to a now-removed provision of Sen. Rick Scott’s GOP agenda that called for all programs to be phased out after five years.
Biden’s $6.8 trillion budget included a 10% increase in Social Security Administration funding. The budget has no chance of passing Congress, but it serves as a starting point for debt-ceiling talks with Republicans. Republican House Speaker Kevin McCarthy has stated that his party will not allow the $31.4 trillion debt ceiling to be raised without spending cuts in the fiscal year 2024 budget.
‘The president’s budget took my breath away,’ said Kennedy. ‘His numbers are incredible. We’re about to run out of digits.
‘The president claims that his budget will solve our financial problems with Medicare and Social Security… This is false. When you don’t know what you’re talking about, anything seems possible… The only way I know how to improve the president’s budget is with a shredder.’
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