Social Security is one of the most important benefits programs the federal government has ever introduced. It is also very popular.
However, legislators have been discussing reforms to the rights program for years to bolster the financial situation. That’s because the program’s trust fund dries up in 2034, which could require an automatic 22% cut in distributions.
For those concerned about the future of Social Security, it’s important to understand the White House’s stance on this. And the best way to do that is to read this quote that sheds light on President Joe Biden’s stance on Social Security.
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This Joe Biden quote about Social Security says it all
If you’re concerned about the future of Social Security, here’s the most important quote from Joe Biden you need to read. The quote comes from a town hall hosted by CNN in New Hampshire ahead of the 2020 New Hampshire presidential primaries, which took place on February 5, 2020.
At that town hall, when asked how he would protect Social Security, Biden said, “There are two pieces to the protection. First, I’m going to make sure we can have Social Security here for the students when their time comes. Second, I’m going to make sure that those people who have lost a spouse, or who have lowered Social Security, or who live way beyond their coverage, can have it raised.”
This quote is important because it reflects Biden’s commitment to both bolstering Social Security benefits now and to save them for the future. The president also heeded his words by posting some detailed plans on his campaign website, including plans to do the following:
- Ensure a uniform increase in the standard benefit for some of the oldest retirees. This benefit increase would take effect 20 years after eligibility for benefits. It’s necessary because cost-of-living adjustments, designed to ensure benefits keep pace with inflation, have failed to do their job and Social Security benefits have lost purchasing power.
- Offer more survivor benefits for people who ended up losing nearly half of their family income in the death of a spouse. This is necessary because in two-earner households where both spouses earned nearly the same income, each spouse would have similar Social Security benefits — one of which would end when the first spouse dies.
- Pay payroll taxes on people with incomes over $400,000 to support the Social Security Trust Fund. Currently, people pay Social Security taxes on wages up to the wage base limit, which will be $147,000 by 2022. By taxing income above $400,000, Biden would ask some of the wealthiest Americans to provide more money to preserve the future of Social Security.
It remains to be seen whether President Biden will be able to turn any of these ideas into legislation that can pass Congress. But the president’s quote shows his commitment to solving Social Security problems, and does so by expanding benefits rather than reducing them.
His clear support for offering broader benefits and protecting the future of the program should come as a comfort to anyone who fears retirement benefits won’t be there for them — or won’t do enough for them in their later years.
► Social Security Explanation, TLDR Edition: The 8 things you need to know about your benefits
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