LARSON'S SOCIAL SECURITY BILL GETS A BOOST FROM FORMER OBAMA ECONOMIST, JASON FURMAN
Washington D.C. - Congressman John B. Larson (CT-01) During a Democratic Ways & Means hearing on the Republican tax plan yesterday, former Chairman of the Council of Economic Advisors under President Obama, Jason Furman, praised the Social Security 2100 Act (H.R. 1902). The Social Security 2100 Act, authored by Ways & Means Social Security Subcommittee Ranking Member John B. Larson, was introduced earlier this year and currently has 163 cosponsors.
Due to the 2010 Pay-As-You-Go (PAYGO) law, the nearly $1.5 trillion addition to the deficit from the GOP tax plan will lead to automatic cuts to certain government programs - including cuts to Medicare as soon as next year.
GOP Leadership has stated that their next priority, after passing deficit-raising tax reform, will be 'entitlement reform', including huge cuts to social insurance programs like Medicare and Social Security, that working Americans have paid for with every paycheck.
A summary of their exchange is below and linked here:
Larson: So, when we find that in this provision that because of PAYGO rules that there will be an automatic cut, without a vote ever having to take place, in Medicare of $25 billion a year, I would ask our experts how would you try to rectify that and what is your sense whether this is a very specific goal of going after entitlements - and not passing infrastructure or other legislation that will put people back to work?
Furman: I'd like to thank you for your Social Security legislation, which I think is one of the most thoughtful proposals on Social Security and our retirement security. The simplest thing is not to pass this bill or to have revenue increases that would turn off that automatic sequester to Medicare.