Social Security Age Limit Raised
This has caused an uproar.
A bipartisan group is now considering a plan to raise the age of retirement to receive social security to 70 and Americans are not happy about it.
According to Newsmax, Sens. Angus King, I-Maine, and Bill Cassidy, R-La., are considering a plan to raise the the retirement age from 65 to 70-years-old in an attempt to overhaul social security.
Bith Cassidy and King explained, “This is an example of two leaders trying to find a solution to a clear and foreseeable danger. Although the final framework is still taking shape, there are no cuts for Americans currently receiving Social Security benefits in our plan. Indeed, many will receive additional benefits.”
Republican Senator Mike Rounds also talked about raising the payroll tax cap as well.
As of right now, only $160,000 of a workers earnings are subject to payroll taxes that help fund social security. However if something is not changed moving forward senior citizens will receive a cut of roughly 20% by 2032.
House Speaker Kevin McCarthy recently stated, “I want to find a reasonable and a responsible way that we can lift the debt ceiling but take control of this runaway spending.”
Adding, “If you look at the last four years, the Democrats have increased spending by 30%, $400 billion. We’re at 120% of GDP. We haven’t been in this place to debt since World War II, so we can’t continue down this path.”
