I'm not fully educated on the subject, but it seems that they want to change things to protect Social Security, because the OASI Trust Fund is due to be insolvent by 2035, which will result in huge cuts to SS payments.
Here's part of the RSC "Blueprint To Save America":
"More than 55 million retirees, survivors, and their families collect benefits from the Social Security Old Age and Survivor Trust Fund (OASI), and the RSC Budget is committed to protecting and strengthening this critical program for those that need it most.342 Unfortunately, the OASI Trust Fund will be depleted in 2034.343 When the trust fund is depleted, Social Security beneficiaries will face a 24 percent cut in benefits that will grow over time. 344 This is an unacceptable and immoral outcome. To be clear, those who stand in the way of reform stand in favor of this 24 percent across-the-board cut. The RSC Budget recognizes it is paramount to honor Social Security’s commitments and to fully compensate those Americans and their families for the high taxes levied on them for decades to fund this program. Further, it would be fundamentally immoral to address the Social Security’s solvency issues by taking more money away from working class Americans and small businesses by raising payroll taxes, which is exactly what Congressional Democrats have proposed to do. We must strengthen Social Security to ensure it is there for the lower and middle-class retirees who depend upon it.
Protecting the Most Vulnerable in Old Age:
The reforms contained in this budget would ensure the survival of the Social Security program and protect the low and middle-income retirees who rely on it. They would not affect benefits for any current retirees or individuals nearing retirement. In fact, the first reform the RSC Budget would implement is the creation of a new minimum benefit equal to 15% of the average wage index (AWI) for workers with 10 years of earnings. This minimum benefit would also scale up to 40% of AWI for workers with 40 or more years of covered work experience. According to the Social Security Actuary, the new minimum benefit created in the Social Security Reform Act would provide a representative low-wage earner retiring in 2050 with 38 percent higher benefits than would otherwise be payable under current law.349 This benefit would be higher under the RSC Budget. Any retiring worker with Average Indexed Monthly Earnings (AIME) at or below 85% of AWI (approximately $47,300) and with 40 years of covered work experience would receive a higher benefit than under current law. Put another way, a significant number of current retirees would receive more in Social Security benefits under the RSC budget’s plan."
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www.americanprogressaction.org
