House GOP Plan to Cut Social Security Benefits and Ban Abortions Clashes with Biden's Agenda
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President Joe Biden has proposed a four-point plan to strengthen Social Security. The plan includes increasing payroll taxation on high earners, shifting the measure of inflation from the CPI-W to the CPI-E, increasing the special minimum benefit, and gradually increasing the primary insurance amount (PIA) for aged beneficiaries. Biden's proposal aims to address the funding shortfall and extend the solvency of the program's asset reserves by about five years. However, the plan falls short of closing the long-term funding gap, which currently stands at more than $22 trillion. If no action is taken, Social Security may face benefit cuts of up to 23% by 2033. Despite Biden's efforts, the proposal is unlikely to become law due to the lack of bipartisan support in Congress .
According to an op...
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