Kay Bailey Hutchinson Calls For Gradual Social Security Reform
Thursday, June 16, 2011 at 4:23PMSen. Kay Bailey Hutchinson (R-Texas) introduced legislation Thursday that she claimed would gradually reform the social security system.
In a press conference, Hutchinson put outlined a plan to increase the retirement age by three months starting in 2016 until 2023, where it would be capped at 69.
In addition, Hutchison wants to reduce the Cost of Living Adjustment by one percent annually.
Hutchison said that the Social Security Administration’s Chief Actuary projected that her plan would decrease the national debt by $7.2 trillion by 2085, and decrease the deficit by $416 billion over the next ten years.
The Texas Republican argued that the plan should be included in debt limit negotiations since it will ultimately make such a large economic impact.
“I think it should be part of the debt ceiling because $440 billion over ten years is not chump change,” Hutchinson explained.
Hutchinson said that the plan, entitled Defend and Save Social Security, would keep the entitlement program solvent for an additional 50 years.
GOP Senators Denounce American Power Act In New Report
Talk Radio News Service
Sens. Kit Bond (R-MO) and Kay Bailey Hutchison (R-TX) unveiled a new report they co-authored entitled "Kerry-Lieberman: A Multi-Trillion Dollar Gas Tax." The report criticizes the proposed American Power Act and sheds light on the $3.4 trillion in new gas taxes that Americans stand to pay under the new legislation.
"It is so important that the public learn just how large a burden the Kerry-Lieberman cap and trade bill would place on American families and small businesses," said Hutchison.
Rather than imposing a new gas tax on Americans, Bond and Hutchinson suggested America invest in different forms of energy technologies like hybrid and electric vehicles, as well as low-carbon biofuels.
"We can come together on new incentives for hyrbid and electric cars, advance fuels, but what we do not want to do is to punish American families and workers with a $3.4 trillion dollar gas tax," Bond said.