Social Security Study Finds GOP Plans Would Bring Big Cuts

http://blogs.wsj.com/washwire/2010/10/21/social-security-study-finds-gop-plans-would-bring-big-cuts/

By Martin Vaughan

Republican proposals to overhaul Social Security would substantially reduce future benefits for people now entering the workforce, according to a new analysis from Social Security Administration’s chief actuary.

Social Security, which is projected to go broke in coming decades, has become an unusually hot issue on the campaign trail this year, as Democrats seek to raise fears among voters that Republicans will make painful cuts to the program.

“The new analysis reveals that these proposals result in benefits cuts ranging from 10% to as high as 50%,” said Rep. Earl Pomeroy (D., N.D.), one of the Democrats who requested the study. “That’s not what I’d call ’saving’ Social Security.”

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