Social Security Cuts: A Social Security advocacy group asserts that a new fiscal commission that the U.S. House established to look into ways to reduce the federal deficit intends to implement cuts to Social Security and Medicare benefits.
In two press releases released last week, Social Security Works, a progressive organization whose mission is to defend and expand Social Security and similar programs, criticized the commission. Nancy Altman, president of Social Security Works, described the commission in a letter dated January 16 as a “poison pill intended to cut Social Security and Medicare behind closed doors.”
Altman also cited remarks from the White House that compared the commission to a “death panel” regarding Medicare and Social Security.
“With their closed-door commission designed to cut Social Security and Medicare, Republicans are moving forward,” Altman stated in a follow-up press release dated January 18. “While several Republicans attempted to disavow that as their objective, they voted against Democratic amendments that would have ruled out the possibility of eliminating those programs and instead mandated that billionaires contribute fairly.”
According to previous reporting by GOBankingRates, the House Budget Committee approved a bill earlier this month to establish a bipartisan fiscal commission to resolve the federal government’s budgetary conundrum. However, the bill does not provide explicit safeguards for Social Security or Medicare.
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Three Democrats and nineteen Republicans voted in favor of the measure, which the committee approved 22-12.
Roll Call states that to “improve the long-term fiscal condition of the government, reduce deficits and debt, achieve a sustainable ratio of debt to gross domestic product by fiscal 2039, and improve the solvency of federal trust funds, including those that finance Social Security and Medicare,” the commission would be tasked with drafting legislation and a report.
The bill’s primary objective is to investigate potential solutions, according to its proponents, who emphasize its bipartisan approach to the national debt crisis. Nevertheless, opponents of the measure swiftly mounted resistance.
Senate Finance Committee Chair Ron Wyden (D-Oregon) asserted in a statement that Republicans in Congress “are rushing through cuts to earned benefits for the American people by resorting to schemes that circumvent the legislative process.”
Wyden further stated, “The phrase ‘fiscal commission’ is the quintessential Washington buzzword, and it equates to the clandestine, closed-door exchange of the benefits earned by the American people.” “Rather than attempting to reduce Social Security, Medicare, and Medicaid, Republicans ought to collaborate with Democrats to ensure that the affluent contribute equitably. This would significantly contribute to the long-term sustainability of Social Security and Medicare.”
However, proponents of the bill argue that action is required to address the national debt, which is currently more than $34 trillion.
“As we consider this unfunded liability that is on the verge of bankrupting the nation, we should devise a strategy that ensures our offspring enjoy the same level of liberty and opportunities that we have enjoyed. In remarks to the committee, Budget Chair Jodey Arrington (R-Texas) explained, “That is why we do this.” “Is it flawless? No. Is there a flawless process? No, “Congress will ultimately be responsible for making the determination.”
Nothing imminently is probable despite the ongoing back-and-forth. Following the bill’s progression from the committee stage to the final stages, the fiscal commission is obligated to produce its report and put forth legislation for a vote in both chambers of Congress by December 12.
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