House Republicans Call for Social Security Retirement Age Increase
The largest caucus of House Republicans is calling for an increase in the Social Security retirement age, setting up a clash with President Joe Biden over entitlement programs.
Key Points
- Republican Study Committee suggests tying Social Security eligibility age to life expectancy.
- Former President Donald Trump has offered inconsistent positions on entitlements.
- Biden's fiscal 2025 budget proposal includes tax rate increases to support Medicare.
- Proposal aims to implement a 'premium support model' for Medicare.
Pros
- Proposal aims to balance the federal budget by 2031.
- Addresses the projected insolvency of Social Security trust funds in 2033.
- Calls for reducing spending on Social Security and Medicare by $1.5 trillion and $1.2 trillion respectively over the next decade.
Cons
- Opposition from President Joe Biden and congressional Democrats.
- Potential reduction in benefits for top earners and changes to retirement age.