Our state-by-state reports conclude that the President’s plan would have a devastating impact on the economic security of American families. The President’s plan would impose benefit cuts of 15 percent for a 45-year-old worker today, cuts of 25 percent for a 35-year-old worker today and a typical 20-year-old worker, who has just begun paying into the Social Security system, can expect to see a cut of $152,000 over their retirement. The plan would saddle young workers with both the cost of crippling national debt and with severe reductions in the amount they can expect to see from their Social Security checks. Social Security is the most successful anti-poverty program in our nation’s history — and it is a benefit earned by every single American after a lifetime of hard work.
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