Republicans reportedly want to cut $1.5 trillion in social security

A prominent Democrat has accused Republican lawmakers of wanting to cut Social Security by $1.5 trillion.

Sheldon Whitehouse, chairman of the Senate Budget Committee, told lawmakers during a hearing on Social Security that a group of Republican lawmakers are planning cuts to the national welfare program that provides monthly payments to millions of retirees and disabled people across the United States.

“The current Republican investigative committee [RSC] “The budget proposal, which represents 80 percent of Republicans in the House, calls for $1.5 trillion in cuts to Social Security benefits over the next decade,” Whitehouse said. “This would shorten the benefit formula and raise the retirement age to 69, which would particularly affect low-income retirees.”

The RSC, composed of 170 Republican representatives, released a budget proposal in March of this year that “proposes modest adjustments to the retirement age for future retirees to reflect increasing life expectancy.”

Although the specific amount of cuts is not mentioned in the budget document, the White House has stated that they will be “$1.5 trillion in cuts.” Newsweek The RSC requested comment via email outside of normal business hours.

During the hearing, Whitehouse acknowledged the SSA's looming solvency problem, which will lead to automatic benefit cuts in 2033 if Congress does not take action to financially stabilize the government agency.

“Without new revenue, this bedrock of America's retirement system will only cover 83 percent of benefits by 2035. So it is our duty in Congress to consider real solutions to close the revenue gap and preserve the promise of Social Security for our children and grandchildren,” Whitehouse said. “The promise of Social Security is a promise we cannot break.”

Republican Senator Chuck Grassley said he hoped the hearing would be a “serious discussion without the political scaremongering that too often dominates this debate. I'm hopeful.”

He said a “bipartisan approach” was needed to address the prospect of “automatic cuts to pension benefits that will occur under current legislation.”

Cuts to social benefits are a cause for concern for the vast majority of Americans. A survey conducted exclusively for Newsweek A study conducted earlier this year by Redfield & Wilton Strategies found that 92 percent of Americans are concerned that their Social Security retirement benefits may be less than what retirees can claim today.

During the hearing, Social Security Commissioner Martin O'Malley said the welfare program would not go bankrupt or insolvent – but he acknowledged that the trust fund's reserves had been depleted.

“Because Social Security is a pay-as-you-go program, as long as Americans work and pay into Social Security, it will continue to pay benefits to those who have paid in throughout their working lives,” he said. “More and more people are paying into Social Security, thanks to strong economic policies that have led to impressive wage growth, historic job creation, and a stable, low unemployment rate. As long as Americans continue to work across our country, Social Security can and will continue to pay benefits.”