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FINALLY! Social Security & Medicare REFORM in 2023 – Social Security SSI SSDI SSA Low Income Update 2023

FINALLY! Social Security & Medicare REFORM in 2023 – Social Security SSI SSDI SSA Low Income Update 2023

All right, guys. We’ve got a ton of news to get you caught up on regarding social security, Medicare, and what we’re going to be seeing here unfolding. We’ve got some good news and some bad news. I’m just going to report it all to you and get you caught up on the latest that’s been unfolding since over the weekend. Now, let’s take a look at the headlines that have been rolling out. Now, first up, Republicans push McCarthy to address Social Security and Medicare in the spending fight. This is some good news for you. What they’re saying is that as we approach the spending deal, and we’re going to be potentially looking at a government shutdown here, they’re saying that when that comes up, one of the things is we need to address social security and Medicare and reform. The good news, social security is being pushed up to the forefront. They’re saying it is time to address it. We’ve been hearing this for quite some time. I’ve been letting you know here on the channel, social security, we heard that 2023 was going to be the year of social security reform. We’ve seen several bills presented in Congress to reform social security.

The 2100 Act is one of the ones that’s getting a lot of traction, being pushed to the forefront. We saw the reintroduction of the Social Security Expansion Act by Bernie Sanders back in February. That was the one with the $200 per month increase across the board. Didn’t get a whole lot of traction because the taxation did not align with what President Biden said that he wanted to see. But you guys, we’re hearing that this is coming to the forefront. This is going to be the latter half of the year. They’re saying this needs to get reformed. Bring it to the forefront. Kevin McCarthy, so some good news. Now, let’s take a look at the rest of the news, though. This isn’t the end, says Kevin McCarthy. Taking AMS, Social Security, and Medicare after the debt ceiling deal, you will recall we had received warnings that Social Security and Medicare was on the chopping block for cuts. And take a look, you guys, articles just coming out recently. Government shutdown warnings rise as Republicans seek deeper cuts in the budget battle. And a lot of people are saying Social Security and Medicare, potential cuts to the programs in various indirect ways could be coming.

Now, as I said, the good news is, though, they’re saying that reform needs to come. But at the same time, they’re considering these different types of programs for potential cuts to help us out. Now, take a look. US House Republicans target deeper spending cuts, raising showdown threats, and the largest House Republican group backs increase in Social Security retirement age of 69. As I had let you guys know, we had seen this in France, and massive protests throughout the country because of this. Now they’re saying we need to do this here in the United States, increase that full retirement age. So that means that you’ll have to wait longer to get the full benefits. And they’re saying this will help offset some of the expenses of social security. But this is also what they’re saying indirectly cutting the benefits of those who need it the most. Now, I’m going to dive into this article, and let you know what they’re saying, because like I said, this is all happening right now over the weekend. These articles have been coming out and they’re saying that social security, it’s going to come to the forefront. Reform is needed and that is good because if we do not have reform, we’ve heard that there’s going to be cuts across the board to everybody.

If we hit the solvency issue and everyone is going to get roughly a 20 to 25 % cut across the board. So they have got to make reform changes to social security and Medicare very soon. But also we’re hearing that cuts to the program they’re saying are potentially needed to help us out with our spending. So there’s a lot going on. I’m just going to get you caught up in the latest headlines so you know what’s going on.  All right, so first up, let’s go ahead and start off with the good news. And that is that Social Security and Medicare are coming to the forefront and they’re saying that it needs to be addressed as we approach the spending fight.

So let’s go ahead and take a look at this article and get you caught up on the latest that they’re saying. Now, this article that came out last week says the largest faction of the House GOP lawmakers is pushing Speaker Kevin McCarthy to use the upcoming government spending fight to shore up Social Security and Medicare. Social Security and Medicare are on track to go bust within the next decade, meaning that people who are now 55 will get hit with significant benefit cuts unless Congress acts. The Republican Study Committee, which is made up of more than 150 House Republicans, believes the time to act is now, and I know that we’ve been hearing that forever, but now they’re saying it’s getting serious because we’ve got less than 10 years before we have solvency issues. Now, the Biden administration is not doing anything to fix the problem, said RSC chairman Kevin Urn, Oklahoma Republican. Instead, they want to force every American into government dependency and raise taxes sky-high to pay for it. Well, the RFC devised a blueprint to guide House Republicans in the upcoming battle over government battle. The blueprint, which was previewed exclusively to the Washington Times, proposed structural changes to Social Security and Medicare.

Under the blueprint, Medicare would be transformed to include a subsidized private option. A range of changes, such as means testing Social Security, are offered to begin bipartisan talks for the popular retirement benefits. So we do have bipartisan support to reform and change Social Security and Medicare, and we’re seeing some conservative Republican ideas being thrown out as to what can be done. In addition to that, we’ve also got the Democrats putting out ideas. I’ve shared with you Bernie Sanders, Bill, Bill Cassidy. We’ve got an assortment of different people that are bringing stuff to the forefront, John Larsen. But we’re also hearing that cuts are not potentially off the table either, and also indirect cuts, which we’re going to be discussing here in just a second. Now, take a look at this article that just came out right after they had passed the deal so that way we could avoid a debt default. But they’re saying we still could be looking at a shutdown, which is not nearly as bad, but they’re saying that we’re going to need to address cuts here in a couple of months. Now, this isn’t the end. Mccarthy takes aim at Social Security and Medicare after the debt ceiling deal.

After securing a debt ceiling agreement that caps federal spending and threatens food aid for hundreds of thousands of poor adults, House Speaker Kevin McCarthy made clear Wednesday that Republicans are not finished targeting the nation’s safety net programs and signaled a coming effort by the GOP to slash Social Security and Medicare. Now, in a Fox News appearance ahead of the House’s passage of the debt limit legislation, McCarthy said the measure is just the first step of the GOP’s broader agenda, which includes further cuts to the federal programs and massive tax breaks for the wealthy. This isn’t the end. This doesn’t solve all the problems, he said, as the bill was passed. And it really doesn’t. As we’ve heard, we have got a lot of issues with the spending. Things do need to be addressed. And they’re taking a look at Social Security and Medicare because they take up a massive portion of some of the spending. Now, McCarthy commented that President Joe Biden walled off major components of the federal budget, including Social Security and Medicare, from cuts as a part of the debt ceiling agreement, though McCarthy himself agreed to take those off the table in late January.

Now, the majority driver of the budget is mandatory spending. It’s Medicare, Social Security, interest on debt, the Republican speaker said Wednesday, adding that he intends to announce a bipartisan commission to examine ways to cut such spending. The progressive group Our Revolution responded that it’s never enough for the right wing. They wanted all, the group said on Twitter. We have to tell them no. Now, as I said, this is all going to be coming back at the end of the year as we’re going to be approaching the end of the fiscal year. October first is the new one and they’re saying spending cuts and the budget deal, all of this, social security is going to be brought back and they are threatening a potential government shutdown, which to me seems a whole lot more likely than a debt default. To me, that was something that just was going to be devastating. But a shutdown could potentially be coming and we’re seeing headlines and concerns about this as house Republicans target deeper spending cuts, raising a showdown threat. They’re talking about a government shutdown. And we’re also hearing about potential indirect cuts to Social Security. So hopefully, recipients will not get cuts to their benefits.

But they’re saying there’s other ways. And one of those, as we mentioned in previous topics that’s starting to come up, is increasing the full retirement age. Take a look at this article that came out last week. Largest house Republican group backs increase to Social Security retirement age of 69. The largest caucus of house Republicans proposed Wednesday that the United States retirement age for collecting full Social Security benefits be raised to 69 from its current age of 66. And again, this just came out last week. The Republican Study Committee or the RSC with 176 out of the 222 Republican members of the House of Representatives, made the proposal as a part of the fiscal blueprint that would cut spending by 16.3 trillion over the next decade compared to the projected baseline. The plan also includes making the Trump tax cuts for the wealthy permanent. They are currently scheduled to expire in 2027 while leaving Pentagon spending untouched at a gargantuan $886 billion for the coming year. Automatic entitlement spending programs like Social Security, Medicare, and Medicaid would absorb two thirds of the cuts that are currently being proposed by the RSC with discretionary spending programs, those which must be voted on by Congress each year.

  • Republicans are pushing for Social Security and Medicare reform as part of the spending fight to avoid a government shutdown.
  • Multiple bills have been introduced in Congress, including the 2100 Act and the Social Security Expansion Act, which aim to address Social Security reform.
  • There is bipartisan support for reforming Social Security and Medicare, but there are also discussions about potential cuts to these programs.
  • House Republicans are considering increasing the full retirement age for Social Security to 69 from the current age of 66.
  • The budget battle and potential spending cuts could impact Social Security, Medicare, and other social programs, leading to concerns and discussions about the future of these benefits.

 

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