The Center for Budget and Policy Priorities... also saw steep benefit reductions under the Ryan Roadmap privatization plan, along with increases in the retirement age.
But the most interesting response came from the independent chief actuary of Social Security, requested by Rep. Earl Pomeroy, who oversees Social Security in the House. As he says, the results showed even bigger benefit cuts for the middle class.
Under progressive price indexing, the chief actuary says, benefits for middle income workers would be cut up to 42% for an individual born in 2015, and up to 25% for one born in 1985. Increasing the retirement age slashes benefits up to 20% across the board. And cutting the cost of living adjustment, or otherwise tweaking it, reduces benefits gradually but consistently over time.
Chief Actuary of Social Security: Republican Plan Would Slash Benefits | FDL News Desk
Sounds about like the wretched health insurance "plans" they came up with, that were laughed out of the CBO. But this is what you all want for yourselves, right? Okay..... enjoy....
Links to The Center for Budget and Policy Priorities' report, the Ryan Roadmap privatization plan (? toldja) and the report from the Chief Actuary to the House Ways and Means Committee: inquire within.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
