LA Times: On Day One, the new Congress launches an attack on Social Security

Matt Rourke / AP

Michael Hiltzik

Well, that didn’t take long.

As one of its first orders of business upon convening Tuesday, the Republican House of Representatives approved a rule that will seriously undermine efforts to keep all of Social Security solvent.

The rule hampers an otherwise routine reallocation of Social Security payroll tax income from the old-age program to the disability program. Such a reallocation, in either direction, has taken place 11 times since 1968, according to Kathy Ruffing of the Center on Budget and Policy Priorities.  

But it’s especially urgent now, because the disability program’s trust fund is expected to run dry as early as next year. At that point, disability benefits for 11 million beneficiaries would have to be cut 20%. Reallocating the income, however, would keep both the old-age and disability programs solvent until at least 2033, giving Congress plenty of time to assess the programs’ needs and work out a long-term fix.

Continue reading here: http://www.latimes.com/business/hiltzik/la-fi-mh-on-day-onel-new-congress-launches-attack-on-social-security-20150106-column.html

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