1. New Deficit Plans Calls for Reduction in Social Security
... involving the budget deficit is scheduled for release on Wednesday. The new plan, constructed by Erskine Bowles and Alan Simpson, is a revised draft of the plan proposed earlier this month, that also resulted in great controversy. Changes to the second draft include higher domestic cuts than the original version ... from the original draft include a gradual increase in the Social Security retirement age to 68 by 2050 and 69 by 2075. The cost-of-living for the programs will decrease, and the cap on income subject to Social security taxes will increase. The plan also calls for an increase ...
- Word Count: 495
- Approx Pages: 2
- Has Bibliography
- Grade Level: Undergraduate