Hutchisons Defend & Save Social Security Bill Ensures Solvency Without Raising Taxes Cutting Core Benefits
Texas Insider Report: WASHINGTON D.C. Todays report on AARPs decision to drop opposition to all Social Security benefit cuts marks a huge shift in the debate on the solvency of Social Security said Senator Kay Bailey Hutchison (R-Texas) following the news report on AARPs change in their policy on Social Security reform. After reviewing the Trust Funds finances this important organization has concluded as have I that it is necessary and responsible to work toward a bipartisan solution to ensure current and future retirement benefits Hutchison said.
My Defend and Save Act will preserve these core benefits by combining a modest cost-of-living adjustment with a slight and gradual increase in the retirement age. There are no tax increases in my bill and no core benefit cuts.
AARPs new and welcome position is a positive step towards the type of reforms Ive championed and I look forward to working with the organization to shape the changes in a way that makes the least detrimental impact to present and future retirees.
It is my hope that Social Security is included in the bipartisan discussions on raising the debt ceiling as it is an opportunity to fix this important entitlement for 75 years rather than just focusing on a short-term band aid.
Yesterday Senator Hutchison held a press conference to unveil her Defend & Save Social Security Act. She
discussed the impending bankruptcy of Social Security and how her legislation will address the problem without raising taxes or cutting core benefits.
Under current law retirees monthly benefits would be cut nearly one-fourth beginning in 2036.
Hutchisons plan would ensure Social Securitys solvency by gradually increasing the retirement age (over 16 years) to 69 and instituting a modest 1 reduction in the annual cost-of-living adjustment.
