Social Security is in a perilous state. What are the presidential hopefuls saying about the future of America's pension program?
I’m guessing that most folks are aware of the perilous state that Social Security, the gargantuan—and for tens of millions of citizens absolutely essential—federal program is in.If nothing is done to shore it up, Social Security’s so-called “Trust Fund” — its current cash reserve of about $2.9 trillion — will run out by 2033, one year sooner than last year’s estimate. After that, retirees are looking at projected benefit cuts of up to 23%.
Let’s start with the incumbent, President Biden. He wants to make several big changes, notably making all income above $400,000 subject to payroll taxes. Currently, payroll taxes are capped at $160,200. He also wants to change the way that cost-of-living increases are calculated each year, by using what the White House and many economists consider a more accurate gauge of inflation. The first proposal is a flat-out tax increase, something most Republicans refuse to support.
Donald Trump. Legal troubles notwithstanding, the former president looks certain to win the GOP nomination, and has a chance of getting his old job back next year. Trump has said on the campaign trail this year that Social Security should be left alone. On the other hand, in his 2000 book — “The America We Deserve” — Trump called Social Security a giant Ponzi scheme and said the full retirement age should be lifted to 70.
And yet a decade ago, when DeSantis was a Florida congressman, he joined 103 Republicans in voting to raise the minimum age for both Social Security and Medicare to 70, according to an analysis by the nonpartisan Committee for a Responsible Federal Budget. That proposal also included an idea for the federal government to transition out of Medicare by simply giving seniors a lump of money that they could use to buy private health insurance.
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