A top House Republican, Kevin Hern, has put forth a proposal to increase the retirement age for Social Security benefits in an effort to address the program's projected insolvency by 2033. Hern, who chairs the Republican Study Committee (RSC), released a budget plan that includes conservative measures to reduce federal spending and extend the lifespan of Social Security.
If no action is taken, Social Security could face a significant cut of around 20% in 2034. One of the options Hern suggested is raising the full retirement benefits eligibility age from 67 to 69, a controversial idea that has been met with caution by leaders from both major political parties.
Hern emphasized the need for reform, pointing out that when Social Security was established, the average life expectancy in the U.S. was in the early 60s, whereas today it is in the late 70s. He argued that the program was not designed to support individuals living longer lives.
The RSC, a substantial group of conservative House Republicans representing about 80% of the conference, has been at the forefront of this proposal. The White House criticized the plan, accusing Republicans of wanting to undermine Social Security, a claim that Hern refuted by stating that the budget proposal does not affect current or soon-to-be retirees.
President Biden's budget proposal for fiscal year 2025 suggested extending Social Security solvency by increasing taxes on high-income earners, but Hern dismissed this as a short-term solution. He stressed the importance of a bipartisan approach to any changes in Social Security and mentioned discussions with former President Trump on the matter.
Reforming retirement benefits is a sensitive topic, especially in an election year, with both parties treading cautiously. Hern and Trump have reportedly discussed the issue, with both emphasizing the need to ensure the stability of Social Security without cutting benefits for current or imminent retirees.
While the debate on Social Security reform continues, the focus remains on finding a sustainable solution that will secure the program's future for the next generation of retirees.
