In a briefing held Friday by the National Academy of Social Insurance (NASI), Social Security advocates said cutting seniors’ benefits to pay down the nation’s deficit would be highly destructive for current Social Security recipients and future beneficiaries.
Recently, lawmakers have suggested reforming America’s Social Security plan out of concern that it will run out of money by 2036.
Wilhelmina Leigh, Senior Research Associate at the Joint Center for Political and Economic Studies, pointed to the deficit reduction plan co-authored last year by Erskine Bowles and Alan Simpson.
Under the proposal, the full-benefit retirement age would be increased beyond 67, the cost-of-living adjustment would be lowered for current and future beneficiaries and the formula for calculating benefits would be heavily altered.
Leigh said the proposal “will close the shortfall by cutting benefits.”
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