Biden And Social Security

I realize the Biden has just now started his tenure as president….but that does not mean that I will give him a free ride….there are things that we all need to know about this person and his admin.

Many elderly Americans depend on Social Security for their retirement……and without it about 38% of seniors would fall into poverty.

Will Biden make our Seniors proud in the coming years?

Along with a crippling pandemic and a struggling economy, President Biden inherited another significant challenge:  a Social Security program that needs enhancements to survive and thrive.   Former President Trump promised to “protect” Social Security, but spent four years trying to undermine and cut SSDI – the part of the program that covers workers with disabilities.   Congressional Democrats introduced legislation to strengthen and expand Social Security, but Trump officials and GOP allies on the Hill called for “entitlement reform” immediately after giving the wealthy and big corporations a $2 trillion tax cut.

Contrary to conservative propaganda, Social Security is not “going bankrupt.” But if Congress takes no action, the Social Security trust fund reserves are projected to run dry in 2035, at which time the program still will be able to pay about 80% of promised benefits (an outcome nobody wants). Economic fallout from the COVID pandemic may well drain the trust funds sooner. Fortunately, President Biden has a plan to fortify Social Security for the future while also boosting benefits. It is a commonsense plan that overlaps in important ways with legislation introduced in the last Congress by Rep. John Larson (D-Conn.).

President Biden wants to improve the formula for calculating the annual Social Security cost-of-living adjustment (COLA). This year’s COLA was a paltry 1.3%, or about $20 a month for the average beneficiary. Rising prescription drug prices and an increase in the Medicare Part B premium will eat away at that meager amount.

This is a policy that I will support if Biden will sure up the Social Security system….

But will the Congress stand in his way?

My guess is there will be massive GOP push back.

I Read, I Write, You Know

“lego ergo scribo”

12 thoughts on “Biden And Social Security

  1. I think this is what we call the State Pension, chuq. Mine also has a cost of living rise. For the year 2020-2021 it was less than £9 a month. ($12.00)
    Best wishes, Pete.

    1. Me as well….I try to keep everyone up to date…..but do not forget how much the GOP hates SS….could be just a small fart in the wind chuq

      1. The SS Dept. has “loaned” money to other departments in the past and with the way the Democrats have a history of spending, throwing good money after bad, it makes me nervous.

      2. It was Repubs that used tha fund cash to fund things like conflict….Dems will try to protect it…Dems will try to protect it if possible….but I am not optimistic…..chuq

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