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House GOP’s Cuts to Social Security Could Cost Taxpayers Almost $6 Billion
Think Progress / News Report
Published: Friday 27 July 2012
“The Republican plan, which is focused on a program meant to ensure that beneficiaries are not overpaid, would cut more than $800 million below the level agreed to in the Budget Control Act, the spending agreement passed during last year’s debt limit negotiations.”
A House Republican plan to slash funding for a Social Security program would cost taxpayers far more than it would save, according to a letter from Social Security’s chief actuary. The Republican plan, which is focused on a program meant to ensure that beneficiaries are not overpaid, would cut more than $800 million below the level agreed to in the Budget Control Act, the spending agreement passed during last year’s debt limit negotiations.
According to Social Security chief actuary Stephen Goss, however, the cuts will cost taxpayers between $5 billion and $6 billion, Talking Points Memo reports:
In a Thursday letter responding to inquiring House Democrats, Social Security’s chief actuary Stephen C. Goss concludes that cuts will cost taxpayers “between $5 billion and $6 billion more over the lifetime of those who would not be reassessed due to the reduced funding.”
The cut would hamper the highly-effective program that roots out waste, fraud, and abuse in Social Security — according to Goss, such reviews produce between $6 and $9 in regained savings per dollar spent. While the analysis only covered the impact on the program this year, future cuts would likely have a similar impact on the program.
House leadership isn’t likely to give the Labor, Health, and Education appropriations package that contains the cuts a vote before the full House, but the plan keeps up the GOP’s disturbing trend of targeting social safety net programs that largely benefit the lower- and middle-classes.
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ABOUT Travis Waldron
Travis Waldron is a reporter/blogger for ThinkProgress.org at the Center for American Progress Action Fund. Travis grew up in Louisville, Kentucky, and holds a BA in journalism and political science from the University of Kentucky. Before coming to ThinkProgress, he worked as a press aide at the Health Information Center and as a staffer on Kentucky Attorney General Jack Conway’s 2010 Senate campaign. He also interned at National Journal’s Hotline and was a sports writer and political columnist at the Kentucky Kernel, the University of Kentucky’s daily student newspaper.
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By Ronnie Cummins
7 comments on "House GOP’s Cuts to Social Security Could Cost Taxpayers Almost $6 Billion"
July 28, 2012 12:04pm
It has gotten to the point that republicans are bats__t crazy. With republicans in Congress Americans don't need enemies. I think republicans are nothing but an enemy to most Americans and it is past time to be rid of them one way or another. Their actions are nothing less than a coup by the very wealthy and corporations to install a fascist regime. Similar to what wealthy businessmen did during FDR's administration. If we don't do something it will only get worse.
July 28, 2012 11:26am
Ronni85, that was an excellent simile. These people are not true christians. I am not religious but I am more christian than the repugnants in the GREED OUTRANKS PEOPLE party. Why do working people consistently vote aganst their own well being? It is mystifying. The repugnant house of whores has yet to put forward on decent jobs bill because they are trying to screw the POTUS and the decent Democrats out of office. Let's hop they don't succeed.
July 28, 2012 7:57am
i am sick and tired of being accused of abusing medicare, i am 70 years old and put off going to the doctor because the 20% i have to pay will leave me without food or electric....it is not us abusing it is the companies that keep billing medicare, find them, abuse them and make them pay back what they have legally stolen...
July 27, 2012 5:32pm
What is ironic and frustrating is that Republican working class and middle class voters will continue to vote for their leaders, in spite of doing harm to themselves. This is a phenomenon that will simply have to play itself out to conclusion.
It is similar to when the economy tanked and George Bush Jr. was president. You didn't hear one peep from conservative Republicans. The day Obama was elected, they blamed him for the economic crises.
July 27, 2012 3:06pm
I guess if the Republicans can make this law they can then make the claim that social security is full of abuse and therefore must be abandoned. Idiots.
July 27, 2012 3:03pm
Apparently the Republican Party is incapable of doing anything right.
July 27, 2012 12:23pm
STOP THE GOP!!!! Kick the bums out!
WE, the PEOPLE must get rid of the zealots that care only about maintaining and increasing their own well-to-do or rich selves and their cronies. WE, the PEOPLE are merely the pawns to increase their incomes.
And these people are "the religious right" my foot! They are NOT Christians by any stretch of the imagination.
Going to church does not make you a Christian any more than standing in your garage makes you a car!!!!