What is wrong with the Republican Party – ‘Paul Ryan Adviser Says Cut Social Security Benefits For ‘Wealthy’ Earning $25K+ Per Year’
Yes. Lets cut the cost of living increase for Social Security by HALF for those receiving over $25,000 because that’s enough money to live on.
‘U.S. Representative Paul Ryan (R-WI) little-known adviser, Yuval Levin, wrote a seemingly conciliatory Op Ed piece in last week’s New York Times’.
‘First, Levin sounds the obligatory klaxons’:
“Without some kind of deal, nearly $1 trillion in across-the-board spending cuts will kick in on March 1, the federal government could shut down on March 27, and the nation could default on its debts in May.”
‘He goes on to make some soothing noises, as he adds’:
“The two parties fundamentally disagree over the future of our welfare state, but there may be space for common ground.”
‘Then Levin starts talking about means-testing and brings up a proposal from Andrew G. Biggs from the ultra-conservative American Enterprise Institute’:
“The top third of beneficiaries (by lifetime income) receive no annual cost-of-living adjustment in retirement”.
“The middle third would get half of today’s adjustment”.
“And the bottom third would receive the same annual increase they do now”.
“Such a reform… would reduce Social Security spending by more than a tenth over a decade and fix the program’s long-term financing.”
‘Which sounds all warm, fuzzy, and reasonable until you visit the Social Security Administration’s “Income of the Aged Chartbook, 2010” and discover that the top third includes people with an income of $50,000 per year and up’.
‘And the middle third includes people making just $25,000 per year’.
‘Only a slash-and-cut, anti-47 percenter would consider someone earning just $25K per year as collecting excessive amounts of Social Security income’.