'Damaging cuts' to Medicare and Social Security are looking more likely with McCarthy as House speaker. Here's what it will mean for retirees.
House Speaker Kevin McCarthy made concessions to far-right GOP members to win his seat, which likely include cuts to Medicare and Social Security.
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House Republicans elected Rep. Kevin McCarthy as speaker of the House after a historically lengthy election process. That could be bad news for some retirees.
That's because of the types of concessions McCarthy had to make to secure his seat. Reporting over the past few days strongly suggests that those concessions are related to entitlement programs like Medicare and Social Security, which Republicans have waged war against for decades.
"To win over holdouts in the House Freedom Caucus, McCarthy struck a series of concessions that include opening debate on spending bills and vows not to raise the debt limit without major cuts to the likes of Social Security and Medicare," The New York Times reported.
That's become clearer as the week has advanced: GOP leaders gave a slide presentation to Republican House members on Tuesday outlining their budget and spending priorities, CNN reported. According to a screenshot of the presentation viewed by CNN, the spending priorities were vague but mentioned reforms to "mandatory spending programs" that could include Social Security and Medicare.
I read that the burden will be placed on the younger generation, anyone that not going to retire in five years. Age requirements for the programs with increase to 66 or 68 to retire and cost of level adjustments will be reduced but won’t affect current retirees. The younger people will have time to plan for the changes.
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