Late Thursday, Rep. Sam Johnson (R-Texas), the chairman of the House Social Security subcommittee, introduced a bill to “reform” (i.e., cut) Social Security.
Josh Marshall warns, “Republicans apparently aren’t going to be satisfied with phasing out Medicare. They’re going to try to pass huge cuts to Social Security this year too. Not Bush-style partial phaseout but just big, big cuts. And you’re out of luck even if you’re a current beneficiary. “
The Washington Examiner describes it thusly:
The bill…would reduce costs by changing the benefits formula to reduce payments progressively for high earners. It would also gradually raise the full retirement age from 67 to 69 for people who are today 49 or younger. Lastly, it would change the inflation metric used to calculate benefits to one that shows lower inflation, essentially slowing the growth in benefits, and eliminate cost of living adjustments for high earners.
You can read the full bill below. Democrats are not pleased.