TULSA, Okla. — Republicans in the U.S. House of Representatives unveiled their plan to reform Social Security before it becomes insolvent and automatic across the board benefit cuts kick in in 2033.
U.S. Representative Kevin Hern (R-Tulsa) is the chairman of the Republican Study Committee (RSC). It's the largest caucus of Republicans in the House with 80% of the GOP belonging to it. In late March, the RSC released a plan they said preserves Social Security as we know it for the middle and lower class.
"When Social Security was created, there were ten people working under the age of 65 to fund the Social Security program [for one recipient], today there are only four," Hern said. "We have less workers. We have people living longer and we have more people retiring because of the Baby Boomers."
Hern said the RSC's plan has two major parts in addition to some internal tweaks to help get the funding right and stable. The main pieces of the plan are (1) raising the retirement age to 69 and (2) eliminating fringe benefits the rich get from the program for paying more into it because of their income levels.
"People that have been blessed by the American dream, have had a very successful career, and don't need as much money in retirement, they should give up some of that to those who have been less fortunate so they can have a fulfilled retirement," Hern said.
The plan was revealed as part of the House Republican majority's budget proposals for the next fiscal year. It likely will be a part of overall budget talks instead of it being a standalone piece of legislation. The proposal comes after two back-to-back State of the Union Addresses in which President Joe Biden accused the Republican majority of trying to cut back the program in order to deliver more tax cuts.
"If anyone tries to cut Social Security or Medicare, I will stop them. I'll veto it," Biden said during his 2023 address.
He did so again during his 2024 State of the Union Address, but he said the program could be fixed if the rich and corporations paid more in taxes to help fund the program in its current state.
Hern said there is no easy or convenient time to have the conversation.
"If you're worried about getting re-elected, or you're worried about being a politician, then yeah, you should never bring this up," he said. "This is exactly why we're $35 Trillion in debt, and why we'll have insolvent Social Security in about six and a half years, and Medicare is going broke as well."
The Congressional Budget Office projects Social Security will become insolvent in 2033, and when it does, there will be a 23% benefit cut to all recipients when that happens.
