New GOP Congress Launches First Missile At Social Security ::posted Wed, 07 Jan 2015 16:00:00 +0000:: ift.tt/1wqENgh Here we go, folks! First stop, gutting Social Security. You knew it was coming, and Republicans just set out the carving knives. TPM: The incoming GOP majority approved late Tuesday a new rule that experts say could provoke an unprecedented crisis that conservatives could use as leverage in upcoming debates over entitlement reform. The largely overlooked change puts a new restriction on the routine transfer of tax revenues between the traditional Social Security retirement trust fund and the Social Security disability program. The transfers, known as reallocation, had historically been routine; the liberal Center for Budget and Policy Priorities said Tuesday that they had been made 11 times. The CBPP added that the disability insurance program isnt broken, but the program has been strained by demographic trends that the reallocations are intended to address. The House GOPs rule change would still allow for a reallocation from the retirement fund to shore up the disability fund -- but only if an accompanying proposal improves the overall financial health of the combined Social Security Trust Funds, per the rule, expected to be passed on Tuesday. While that language is vague, experts say it would likely mean any reallocation would have to be balanced by new revenues or benefit cuts. read more [Forwarded by the MyLeftBlogosphere news engine. Link to original post below:]
Posted on: Wed, 07 Jan 2015 18:55:32 +0000
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