Thanks to Jesse Russell at Dane 101. Despite the fact that Paul Ryan (R-Wall St) insists that his “roadmap” is a legit option for the country and will not destroy social security, two new studies that were recently released say otherwise. The first, comes from from the Chief Actuary of Social Security.
proposals from Ryan and other members of the GOP in Congress would have a “profoundly negative impact on the retirement security of middle-class seniors in addition to high-income retirees.”
The second, The Center on Budget and Policy Priorities has even worse things to say.
The Roadmap for America’s Future, which Rep Ryan — the ranking Republican on the House Budget Committee — released in late January, calls for a radical redistribution of resources from the broad majority of Americans to the nation’s wealthiest individuals. [1] It provides the largest tax cuts in history for the wealthy, raises taxes on the middle class, ends guaranteed Medicare benefits, erodes health care coverage, partially privatizes Social Security, and makes deep cuts in guaranteed Social Security benefits.[2] This paper explains the full dimension of the cuts in Social Security, using information from the actuary’s new analysis.[3]
Rep. Ryan’s Social Security plan would cut benefits for future retirees significantly in two ways: (1) reducing benefits for the top 70 percent of wage earners through price-indexing the benefit formula, and (2) reducing benefits at all earnings levels by further increasing Social Security’s full retirement age.
If Ryan would ever tell the truth about what he wanted to do to the middle class, he would probably need his whole Wall St. treasure chest to get re-elected. Unfortunately it looks like the 1st congressional district will send this scam artist back to Washington to continue working against his neighbors and constituents.
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