Republicans Propose Raising Social Security Retirement Age

Amidst looming insolvency concerns for Social Security and Medicare, House Republicans suggest increasing the retirement age, while Democrats push for taxing the wealthy.

House Republicans plan to raise the Social Security retirement age to reflect longer life expectancies, aiming for a sustainably solvent trust fund.
Democrats propose enhancing benefits by taxing the rich, opposing any benefit cuts or privatization of Social Security and Medicare.
The Congressional Budget Office projects public debt to grow significantly, highlighting the urgency of bipartisan reforms for Social Security and Medicare.
President Biden's budget opposes benefit cuts and suggests raising the Medicare tax rate for those earning more than $400,000 to address funding shortages.
Critics argue that raising the retirement age could disproportionately affect workers in physically demanding jobs, sparking debate over the proposals.