October 23, 2010

    GOP Plan Dramatically Reduces Social Security Benefits, Actuary Finds       :      Information Clearing House: ICH

GOP Plan Dramatically Reduces Social Security Benefits, Actuary Finds : Information Clearing House: ICH

By Sahil Kapur

October 22, 2010 "
Raw Story" - - A high-profile Republican budget plan would slash Social Security benefits in the long-run -- perhaps even by up to half of what they are now, the program's actuary concluded in a new study.

The Chief Actuary of Social Security analyzed a proposal from Rep. Paul Ryan (R-WI), the GOP's ranking member on the budget committee, who could become its chairman in January, and found that new entrants in the US workforce could see massive decreases in their payouts upon retirement.

It was unveiled Wednesday by Rep. Earl Pomeroy (D-ND), chairman of the Ways and Means subcommittee on Social Security, less than two weeks before an election in which Democrats have elevated Social Security into a major campaign issue.

"The new analysis reveals that these proposals result in benefits cuts ranging from ten percent to as high as 50 percent," Pomeroy said in a statement. "As I talk to seniors today about stretching their Social Security benefits with no cost of living adjustment in sight, they would not agree with describing cuts of this magnitude as 'modest'."

The Ryan "Roadmap for America's Future," the plan that was analyzed, has 13 co-sponsors (all Republicans). GOP leaders, including House Minority Leader John Boehner (R-OH) have declined to fully endorse it but haven't disavowed it, either.

A high-profile Republican budget plan would slash Social Security benefits in the long-run -- perhaps even by up to half of what they are now, the program's actuary concluded in a new study.

The Chief Actuary of Social Security analyzed a proposal from Rep. Paul Ryan (R-WI), the GOP's ranking member on the budget committee, who could become its chairman in January, and found that new entrants in the US workforce could see massive decreases in their payouts upon retirement.

It was unveiled Wednesday by Rep. Earl Pomeroy (D-ND), chairman of the Ways and Means subcommittee on Social Security, less than two weeks before an election in which Democrats have elevated Social Security into a major campaign issue.

"The new analysis reveals that these proposals result in benefits cuts ranging from ten percent to as high as 50 percent," Pomeroy said in a statement. "As I talk to seniors today about stretching their Social Security benefits with no cost of living adjustment in sight, they would not agree with describing cuts of this magnitude as 'modest'."

The Ryan "Roadmap for America's Future," the plan that was analyzed, has 13 co-sponsors (all Republicans). GOP leaders, including House Minority Leader John Boehner (R-OH) have declined to fully endorse it but haven't disavowed it, either.


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