From a
press release issued by the House Ways and Means Committee:
Ways and Means Social Security Chairman Earl Pomeroy (D-ND) today released the results of a study from the Chief Actuary of Social Security analyzing several proposals, including those advanced by Republican Congressional leaders, as ways to reduce the long-term cost of Social Security. The analysis reveals that, contrary to the assertions by their proponents, these proposals would have a profoundly negative impact on the retirement security of middle-class seniors in addition to high-income retirees. ...
The Office of the Chief Actuary analyzed several proposals - including those by Budget Committee Ranking Member, Rep. Paul Ryan (R-WI), and Minority Leader John Boehner (R-OH) - that claim to make "modest" changes affecting higher-income seniors in order to "save" Social Security.
"The new analysis reveals that these proposals result in benefits cuts ranging from ten percent to as high as 50 percent,” continued Pomeroy.
Update: The
Washington Post has a story on this actuarial report which gives a response from one Republican:
Ryan spokesman Conor Sweeney said [Social Security's chief actuary, Stephen] Goss did not analyze the full effect of Ryan's plan to balance the federal budget and ignored Ryan's proposal to guarantee a higher minimum benefit to low-income retirees. More to the point, Sweeney said, failing to overhaul Social Security - which is already paying out more than it collects from payroll taxes - will cause more immediate harm.
"According to the Social Security Administration, Congressman Pomeroy's do-nothing plan will impose painful, across-the-board benefit cuts on current seniors and those nearing retirement," Sweeney said. "It is deeply irresponsible for elected leaders to stand idle with icy indifference as the social safety net collapses."
I expect that Republicans will attempt to harass Stephen Goss if they gain control of either house of Congress after the election. They do not like hearing just before an election that their plans for Social Security have serious problems. Of course, I am not sure how they can harass Goss since he is just telling the truth.