Senator Manchin has a plan to fund social security by 2033
Senator Manchin has a plan to fund social security by 2033

Senator Manchin has a plan to fund social security by 2033

Socialtilsynet announced last year that it will be unable to pay full social security benefits after 2033. As a result, reduced benefits will begin in 2034 unless something is done by Congress. This new estimate is one year earlier than previously predicted.

The “something” that Congress can do remains the subject of heated debate. Rep. John Larson (D-CT), chair of the House Ways and Means Social Security Subcommittee, has introduced Social Security 2100: A Sacred Trust. bill is intended to increase benefits and strengthen the social security fund. Hearings have been held on the bill, but it is not clear how much traction it has, and it has not been specifically approved by the White House.

Now a prominent senator has taken a different approach to strengthening social security.

Political reported on Friday that Senator Joe Manchin (D-WV) supports raising the amount of income taxed for social security from the current level of $ 147,000 to $ 400,000.

“You can raise it to $ 400,000 from one day to the next … I have the will to do it, that’s all I can tell you because I have grandchildren,” Manchin said. “Ten grandchildren. We have future generations depending on us for the right thing. I am also willing to do a lot of good things in the climate field.”

Manchin also said his voters in West Virginia are more concerned about protecting their existing benefits, as opposed to new benefits they may receive.

“You think I do not want dental care, eye care and hearing and all the things we want to add to [Medicare]? But I’ve got more people in West Virginia who just say, ‘Do you want to cut what I’re already getting?’, The West Virginia senator said.

Manchin also called on the Federal Reserve to raise interest rates to fight inflation.

Manchin has often been in the news since his decision in December to oppose the Build Back Better framework, which was adopted in Parliament and included a one-year extension of the extended child tax credit.

The fate of that bill remains uncertain. While the White House and other Democrats are likely to revive a version of the bill, it will almost certainly be at the mercy of what Manchin agrees to support.

Manchin addressed it in the interview, saying he would like the bill that emerges to be supported by both parties.

“They will say that not all Republicans will vote for this or that. Maybe not. But I will guarantee it: they will participate in the process and a hearing and a selection and you will get a better product,” Manchin argued.

Stephen Silver, a technology writer for The National Interest, is a journalist, essayist and film critic who is also a contributor to The Philadelphia Inquirer, Philly Voice, Philadelphia Weekly, Jewish Telegraphic Agency, Living Life Fearless, Backstage magazine, Broad Street Review and splice today . Co-founder of the Philadelphia Film Critics Circle, Stephen lives in suburban Philadelphia with his wife and two sons. Follow him on Twitter at @StephenSilver.

Image: Reuters.

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