President Biden bashed a plan he says would cut benefits, but the timeline for adopting a House GOP plan would do little to solve Social Security’s fiscal woes.
that raising the retirement age from 67 to 69 would result in a 13 percent reduction in monthly benefits. In other words, a person currently retiring at 67 with a monthly benefit of $1,000 under current law would receive $867 if the retirement age were raised to 69; he or she would have to delay retirement for two more years to receive $1,000 a month.
in Biden’s 2024 budget proposal: “The Administration is committed to protecting and strengthening Social Security and opposes any attempt to cut Social Security benefits for current or future recipients. The Administration looks forward to working with the Congress to responsibly strengthen Social Security by ensuring that high-income individuals pay their fair share.”The RSC budget naturally rejects that approach, saying higher payroll taxes would shrink the economy and eliminate jobs.
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