House GOP’s Cuts to Social Security Could Cost Taxpayers Almost $6 Billion
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.