(DailyDig.com) – As is typical in election years, Social Security is likely to be a contentious political issue in 2024. With a financial gap imminent, candidates have taken stands on how to handle the program.
Two distinct groups of solutions have been identified. They want to either increase taxes to fund Social Security or reduce it by modifying eligibility conditions and/or cutting benefits.
The “Old Age and Survivors Insurance” (OASI) Trust Fund may be depleted within the next ten years, so naturally it is the center of attention. Only payroll taxes may be able to pay Social Security when this happens, and even then, that’s only going to cover around 77% of present payments.
In his State of the Union address in February, President Biden assured the American people that he would stand firm against any attempt to reduce Social Security benefits. However, as his favorability rating continues to decline, there are Democrats who believe he should reconsider Social Security and prioritize its growth during the 2024 campaign in order to win over voters. That way, he can prove that his Republican opponent poses a danger to Social Security while he stands guard over it.
Biden has to make it very clear that Democrats want to grow while Republicans want to reduce, according to executive director Alex Lawson of Social Security Works.
However, Democrats have an obstacle with the Social Security storyline. A strong opponent of reducing Social Security payments is former President Donald Trump. He firmly stated that Republicans must not support any budget cuts to Social Security or Medicare. Anywhere you look, you’ll find instances of abuse, fraud, and waste, Trump said, and it is his intention to preserve Social Security, not eliminate it.
Among Biden’s many proposals is a plan to recalculate the cost of living raises and reevaluate the quantity of taxed income.
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