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The Impact of President Bush's Social Security Proposal in Maryland's 7th Congressional District
House Committee on Government Reform Special Investigations Division
House Committee on Government Reform
Special Investigations Division
Abstract
The Special Investigations Division of the House Committee on Oversight and Government Reform examines President Bush's Social Security plan's impact on working families in Maryland's 7th Congressional District, finding significant benefit cuts for the majority of wage earners. Over 180,000 workers would face cuts, with average reductions of $2,375 per year for those aged 35-55 and $4,620 per year for younger earners. Total benefits could decrease by over $14 billion for current wage earners, with over 73% of the cut affecting middle-class workers earning $30,000 to $90,000 annually. The plan's impact on widows and surviving children remains uncertain, potentially affecting a large number of survivors. The report does not estimate the impact of potential benefit reductions from the proposed private accounts.
Date
2005-07-08
Document Type
House Minority Staff Report
Serial Number
Document Length
11 pages
Congress
109
Relation
DOI
Keywords
Staff Reports
PAP Major Code
13: Social Welfare
PAP Minor Code
1300: General
Related Hearings
Press Releases and Contextual Information
https://www.webharvest.gov/congress109th/20061120183558/http://www.house.gov/cummings/press/05jul08a.htm