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.
“The new analysis reveals that these proposals result in benefits cuts ranging from ten percent to as high as 50 percent,” Rep. Earl Pomery (D-ND), chairman of the Ways and Means subcommittee on Social Security, 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’.”
