Johnson has backed cutting benefits and raising the age of eligibility
Mike Johnson, the new speaker of the U.S. House of Representatives, is on record making bold and dramatic proposals to cut and reform Social Security and Medicare.
Since Johnson’s election as House speaker on Oct. 25, those proposals have been slammed as extremist by liberal critics and many in the media. On Social Security, Johnson and his committee in 2019 proposed ending all annual cost-of-living adjustments, or COLAs, for retirees with an annual income of more than $85,000 for single people, or $170,000 a year for joint filers. They also proposed phasing out auxiliary Social Security benefits, such as spousal and child benefits, for higher earners.
The Republican Study Committee’s proposals for Medicare were much more radical than those for Social Security — they were what amounts to a complete overhaul of the system. Over a 10-year period, the committee’s numbers show, they want to cut Social Security spending by 5% and Medicare spending by 16%.
For context, Fidelity Investments estimates that the typical individual turning 65 today will need to have more than $150,000 saved to be able to cover their healthcare costs in retirement. That’s assuming they have full Medicare — parts A, B and C. It also doesn’t include long-term-care costs.
In 2019, Johnson and his colleagues proposed raising these eligibility ages quickly, over the course of about a decade. But in a phone-in event on C-Span last year, Johnson backtracked dramatically. He ruled out delaying retirement ages for anyone whose retirement was “on the near horizon” and instead talked about introducing these changes only for those who today are “30 … or 35.
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