text here.
Includes raising the Social Security retirement age by an undetermined amount (hill). Please see the table below for the reduction in expenditure:
source: Royal Society of Chemistry (2024).
I'm not sure I understand where the cumulative $1.5 trillion in spending cuts over 10 years comes from. Here is the relevant passage (taken from page 108):
For example, the RSC budget would make modest changes to the Basic Insurance Amount (PIA) benefit formula for individuals who are not close to retirement and whose income exceeds the PIA benefit factor for the richest. It would also modestly adjust the retirement age for future retirees to accommodate increases in life expectancy. Finally, for these people, it would limit and phase out ancillary benefits for higher earners. 384 Likewise, the RSC budget will not cut or delay the retirement benefits of any senior citizen who is retiring or approaching retirement. Additionally, the RSC budget will enhance the trust by increasing payroll tax revenue through pro-growth tax reform,385 pro-growth energy policies that raise wages,386 work requirements that move Americans from welfare to work,387 and regulatory reform that strengthens the economy The fund’s solvency. Growth.388
I think this is similar to a magic asterisk where supply-side reforms lead to large wage increases that provide a lot of extra income, hence the “dynamic score” on steroids (but that's not specifically enumerated in any spreadsheet I've seen ……)
None of this is surprising.Consider using alternatives CRFB interactive here.
Elsewhere, see nbc news.
