Donald Trump has apparently found himself back in the hole that he dug regarding his previous comments about “cutting” programs such as Social Security and Medicare. The controversial comments, which the former President made on television, first made headlines last week.
House Republicans Proposed Budget To Cut $2.7 Trillion Over Next Decade
The House Republicans reportedly issued a proposed budget on Wednesday that would cut $2.7 trillion over the next 10 years. According to multiple reports, this staggering amount is from the combined spending pot that includes Social Security and Medicare.
Further calculations show that the slashed amount is more than 8% of the total amount.
House Republicans Also Discussed Raising U.S. Retirement Age
Another topic of discussion was the potential increase of the U.S. retirement age. This reportedly could happen at some point in the future. The date was left open for making this type of change, though.
The change would essentially reflect the increasing life expectancy of adults throughout the U.S. in recent years.
Proposals Came Directly From Republican Study Committee
The Republican Study Committee is reportedly the source of the proposals. However, multiple reports confirm that the Republican Study Committee is not the official leadership group within the Republican party.
On the other hand, it is reportedly not classified as a fringe caucus. The membership of the Republican Study Committee features 178 House Republicans. Studies have shown that this includes over 80% of the total number.
Proposals Show How Many Republicans Will Seek To Govern If 2024 Election Is Won
According to NBC News, the proposals clearly show how many different Republicans will seek to govern if the Republican party wins the 2024 elections. Multiple reports confirm that the proposals are unlikely to become signed into law this year.
This proposal basically places the committee into the same fight that President Biden could have with former U.S. President Donald Trump along with the Republican Party during this election season.
Budget Endorses Series Of Bills That Would ‘Advance The Cause Of Life’
In addition to the fiscal policy, the budget reportedly endorses a collection of different bills that are designed to “advance the cause of life.” For instance, the bill includes the Life At Conception Act.
The Republican Study Committee (RSC) is currently chaired by Oklahoma Representative Kevin Hern. The other members include Speaker Mike Johnson (R-La.) and three top deputies in leadership.
The Life At Conception Act Would Restrict Abortion, Could Threaten IVF
The Life At Conception Act could potentially pose a threat for those interested in in vitro fertilization, also referred to as “IVF.” It would also put restrictions on abortions as well.
The Life At Conception Act would essentially establish a series of legal protections that would become effective for human beings “at the moment of fertilization.”
Budget References ‘Modest Adjustments’ To Retirement Age For ‘Future Retirees’
The budget specifically references an endorsement for “modest adjustments to the retirement age.” The change would affect “future retirees to account for increases in life expectancy.”
The budget reportedly calls for a reduction of benefits for the beneficiaries that earn the highest incomes.
RSC Budget Would Not ‘Cut Or Delay’ Retirement Benefits For Current Seniors
One of the biggest concerns for senior citizens and other U.S. adults approaching retirement age within the near future was if they would be affected by the retirement age change. However, the RSC made it clear that they would not be impacted by the adjustment.
According to NBC News, the budget “does not cut or delay retirement benefits for any senior in or near retirement.”
New Budget Will Convert Medicare To ‘Premium Support Model’
The new budget reportedly outlines the conversion of the Medicare model to a “premium support model.” This would echo the proposal that was made by Paul Ryan, the former Republican Speaker of the House.
Ryan went public during his term rallying support for this particular conversion. That initial budget resolution was drafted by Paul Ryan, who served as the House Budget Committee Chairman, and Senator Ron Wyden.
Traditional Medicare Will Compete With Private Plans Under New Plan
Through the conditions of the new RSC plan, the traditional Medicare model would need to compete with private plans. Furthermore, beneficiaries would be provided with subsidies that would allow them to shop around for coverage.
The subsidy size could be pegged to either the “second lowest price” or the “average premium” within a particular market, according to the budget.
The Upcoming Insolvency Years of Medicare, Social Security Raise Concern
Another issue that has become a top topic of discussion during this election season is the solvency of Medicare and Social Security. Current projections show that Medicare is scheduled to become insolvent by 2028.
Social Security will eventually become insolvent in 2033. Benefits would then be forcibly cut if there are no additional revenues taken into consideration.
RSC Budget Presents Interesting Situation For Donald Trump
Donald Trump has gone on record shifting the overall rhetoric on Medicare and Social Security on multiple occasions. However, he has yet to present a clear vision for the future of either program – which has been criticized by other politicians, commentators, and critics.
President Biden has reportedly criticized Republican proposals for all retirement programs.
President Biden Promised He Would Not Cut Benefits
President Biden has repeatedly referenced his plans for Medicare and Social Security – especially during his campaign for re-election. After criticizing Republican proposals, he promised that he would not cut benefits at all.
Biden further assured those with concerns that his White House budget would cover any future shortfall experienced by increasing the taxes paid by high-earning Americans.
Budget Claims That ‘Raising Taxes On People Will Further Punish Them’
According to the budget, “raising taxes on people will further punish them.” It will also “burden the broader economy,” which is “something that the spend and print regime has proven to be disastrous and regressive.”
The budget also adds that the committee opposes the “multi-trillion-dollar general fund transfer that worsens our fiscal situation.”
