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The Social Security program is under attack and needs to be modernized and strengthened, according to a new report from Democrats on the Joint Economic Committee, which recommends policy to Congress. "Cuts to Social Security are not a credible solution to pay for the $1.9 trillion that Congressional Republicans have recently added to the deficit in passing their tax legislation," Sen. Martin Heinrich of New Mexico, the committee's ranking Democrat, said in a statement to CNBC. "We must ensure that our seniors are able to retire with dignity."
A 25 percent cut to Social Security would eliminate 2.3 million jobs and reduce economic output by $349 billion, according to a report released today by the Joint Economic Committee Democrats. The report says the elderly poverty rate would be four times higher without Social Security, plunging 15 million more Americans into poverty. Speaker Paul Ryan proposed cutting entitlement spending last December, but ran into resistance from Senate Republicans and House GOP moderates. Read the report here.
Joint Economic Committee Democrats released a report today that highlights the importance of Social Security to the economic security of millions of Americans, and urges Congress to reinforce its commitment to this vital program by modernizing and strengthening it. According to the report, any proposals to restrict Social Security benefits would place a heavy retirement burden on families who are already financially constrained.
U.S. Senator Martin Heinrich (D-N.M.), Ranking Member of the Joint Economic Committee, delivered the following statement at today’s hearing entitled, “How the Innovation Economy Leads to Growth.” In his remarks, Senator Heinrich outlined why the federal government must fund and conduct research and development, and invest in STEM in order to lead the way in building a 21st century economy.
Today, Joint Economic Committee Democrats launched the fifth episode of “Opportunity Agenda,” a podcast that furthers the conversation on how to build an economic future where all American families have a fair shot at getting ahead. Episode 5, “Examining the GOP Tax Scam on Tax Day,” includes a discussion of how the Republican tax law disproportionately benefits executives and wealthy shareholders instead of helping those most in need.
WASHINGTON, D.C. – U.S. Senator Martin Heinrich (D-N.M.), Ranking Member of the Joint Economic Committee, delivered the following statement at today’s hearing entitled, “Unleashing America’s Economic Potential,” that focused on the effects of the Republican tax law and critical federal oversight. In his remarks, Senator Heinrich emphasized the damage the tax legislation and the Trump administration’s reversal of key consumer, worker, environmental protections will cause American families.