"New Hampshire Republican Governor Chris Sununu is bullish on a billionaire-led effort to cut social safety nets for working-class Americans — including the political third rail of Social Security.
Sununu specifically argued that the proposed austerity measures were necessary, saying: "In about eight years, Social Security benefits drop to 83%, Medicare goes bankrupt [and] the interest rates come due." The first point seems to come from the May 2024 Social Security trustees report, which states that the fund reserves that help pay for Social Security benefits will be spent down by 2035.
"However, as Sen. Bernie Sanders (I-Vt.) has pointed out, Social Security could be made solvent for decades by simply removing the cap on paying into the fund. Currently, the super-rich only have to pay a 6.2% payroll tax of the first $132,900 they earn in a year into Social Security. But Sanders argues if that cap were removed, Social Security benefits would be fully paid for 52 more years. The Vermont senator added that seniors who earn less than $16,000 per year would get an additional $1,300 per month in benefits if that cap were removed."
https://www.alternet.org/gop-governor-social-security/
#SocialSecurity #Medicare #doge