During an event at the White House last Tuesday, the president of the United States, Joe Biden, reiterated his intention to protect Social Security and Medicare from the “attacks” of Republican politicians, insisting he will make Social Security “a stronger program.”
The president, Biden, referred to a budget proposal from the Republican Party that would cut Medicare and Social Security, although he did not specify exactly what his plans are to safeguard these federal programs.
Nevertheless, political experts have noted that Social Security can only “save itself” with a bicameral agreement between the political camps with the most power in the country: the Democratic Party and the Republican Party.
It is said to “save itself” because Social Security’s calculations indicate that by the year 2034 retirees will only receive 78% of their full benefits from this program if Congress does not allocate enough resources to keep it operating.
What is the Democratic Party’s proposal to protect Social Security?
From the Democratic side, the bill proposed under the name Social Security 2100: A Sacred Trust envisions expanding the program in a way that has not happened in 50 years.
Among the proposals of the Social Security 2100 bill are:
1) Increase benefits in every Social Security check by 2%.
2) Establish a minimum Social Security benefit above the poverty line.
3) Adjust Social Security benefits to current wage levels.
4) Higher benefits for the survivors of workers who have died.
5) Grant credits for people who must leave work temporarily because they need to care for young children or other family members.
6) Benefits would be extended to 26-year-old students, and grandchildren or other relatives living with their grandparents would have greater access to certain Social Security benefits.
Similarly, Democratic Senators Bernie Sanders and Elizabeth Warren have launched a campaign to raise taxes on individuals earning $250,000 or more, in order to use these tax resources to fund Social Security.
What is the Republican Party’s proposal regarding Social Security?
From the Republican side, Senator Rick Scott has proposed the possibility that the permanence of Social Security programs be evaluated by Congress every five years, an idea that has been criticized even by other members of the Republican Party.
Thus, Social Security and Medicare would have to “prove” their value, contributions, and sustainability every five years, so that their operation is approved by law.
On the other hand, Senator Ron Johnson has asserted that these programs should be evaluated annually, something that has been questioned even by President Biden.
There are many political experts who believe that the White House, and specifically Joe Biden, have failed to communicate how they will protect one of the United States’ most important federal programs, which has helped millions of people lift themselves out of poverty.
— Why there will be no Supplemental Security Income payments in October
— Why you shouldn’t delay your Social Security payment until age 70 if you want to help your spouse with their benefit
— What the Social Security 2100 bill is about and how it could increase your benefits
