A new budget by a large and influential group of House Republicans calls for raising the Social Security retirement age for future retirees and restructuring Medicare.
For Social Security, the budget endorses “modest adjustments to the retirement age for future retirees to account for increases in life expectancy.” It calls for lowering benefits for the highest-earning beneficiaries. And it emphasizes that those ideas are not designed to take effect immediately: “The RSC Budget does not cut or delay retirement benefits for any senior in or near retirement.”
Biden has blasted Republican proposals for the retirement programs, promising that he will not cut benefits and instead proposing in his recent White House budget to cover the future shortfall by raising taxes on upper earners.
5-10% of US GDP is capital gains. Close these loopholes and treat it as normal income and every person in the US could retire wealthy.
@jordanlund @Socsa You likely would be interested in Michael Hudson’s writing on why the US inflates its GDP and why all this stuff is so important to the fed preserving asset inflation to store wealth. Read Killing the Host! https://michael-hudson.com/
I am extremely familiar with Hudson. Ironically, I’ve been pilloried (and banned) on .ml many times for espousing various versions of his revisionist Marxism. I’ve literally had people tell me I’m misinformed and should read more Lenin smh.
@Socsa Haha, it’s funny how hostile people who call themselves leftists online are to talking about geopolitics or finance. That’s what you get when you overinvest your skillpoints in memes and not books 😅