Top House Republican Unveils Plan To Gut Social Security | The Huffington Post

Rep. Sam Johnson (R-Texas), chairman of the House Ways and Means Committee’s Subcommittee on , released a plan Thursday to reform Social Security that would drastically reduce benefits. Johnson would make Social Security’s benefit formula less generous for all but the lowest earners, rapidly raise the retirement age and reduce the annual cost-of-living adjustment

Under Johnson’s plan, a middle-class 65-year-old claiming benefits in 2030 ― one with average annual earnings of about $49,000 over 30 years of covered employment ― would experience a 17 percent benefit cut relative to what the program currently promises them, according to the Social Security Administration’s chief actuary. A 65-year-old with the same earnings history claiming benefits in 2050 would experience a 28 percent benefit cut compared to current .

Source: Top House Republican Unveils Plan To Gut Social Security | The Huffington Post

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