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Proposed Bill to Bring Cuts to Social Security Benefits

During the election cycle of 2016, promises were made by presidential candidates regarding social security. In particular, Donald Trump went on the record stating that he would not make changes to policy unless it were necessary. This week, a bill was proposed by Texas Representative Sam Johnson that aims to bring sweeping reform to the retirement program. Many believe that it is possible that this may find its way to the future president’s desk. The legislation is supposed to address concerns that the current system is unsustainable in the long run. This flies in the face of pledges made by Trump to boost social security by stimulating revenue streams that will provide its funding. His plans are to revitalize the economy through a mixture of reworking trade agreements, cutting taxes, and by encouraging job growth. It has been said that at the current rate of spending that the administration will run out of its sum of over $2.8 trillion by 2034. If this happens, it will lead to drastic cuts by as much as 21 percent, and even this new measure would only keep the monthly payouts coming until 2090. It is thought by some that Trump may have to alter his projected plans and that he may need to arrive at a compromise with lawmakers. The bill is 54 pages long and is formally known as the Social Security Reform Act of 2016. Contained within its pages is the mandate that the retirement age for receiving full monies will increase to 69 years in 2030. It also aims to raise the cost of living adjustments for lower-income people while… Read more »