The Threat to Social Security and Medicare

THE THREAT TO SOCIAL SECURITY AND MEDICARE

Some conservatives have a few ideas that may shock a majority of Americans. The Republican Study Committee, an influential caucus of House members, has come up with a plan called “Reclaiming Our Fiscal Future”. This plan calls for increasing the age at which Americans become eligible for Social Security and Medicare.

Under the plan full Social Security benefits would only be paid at 70 instead of the current age of 67, and Medicare would be delayed to age 70 as well. The justification for these proposed changes is that the US budget deficit is too high and life expectancy is higher now than it was in the past.

There are several arguments against the Republican plan. Republicans are increasing the deficit by opposing stricter enforcement of the tax laws by the IRS and supporting the Trump tax cuts for the rich. Also, they are advocating ever higher military budgets. In contrast to social programs, the military budget seems to be sacrosanct. (The FY 2023 military budget stands at $795 billion.)

(Sources: The New York Times, Paul Krugman column, 11/6/22 and the US Budget for 2023)