He has hammered Republicans on Social Security for weeks.
When President Joe Biden unveiled his $6.8 trillion budget proposal for fiscal year 2024 on Thursday, notably absent was a plan to shore up the finances of Social Security.
Biden’s placed an outsized emphasis on Social Security and Medicare since clashing with Republicans over the programs in his State of the Union address last month. He’s repeatedly hammered the GOP over the issue, accusing some members of wanting to target benefits as Congress gears up for a battle over the debt ceiling and federal spending.
“I guarantee you I will protect Social Security and Medicare without any change. Guaranteed. I won’t allow it to be gutted or eliminated, as MAGA Republicans have threatened to do,” Biden said to applause as he rolled out his plan in a campaign-style speech to a union crowd in Philadelphia.
The 184-page budget reiterates Biden’s position that cuts to Social Security are off the table, and includes an additional $1.4 billion for the Social Security Administration to improve customer service.
But while the proposal addresses Medicare’s solvency, it doesn’t include a similar plan for Social Security — which could see a reduction in scheduled benefits by roughly 20% starting in 2034 unless lawmakers take action.
For Medicare, which is on track to deplete its trust fund in 2028, Biden’s proposed tax increases on the wealthy and bringing down drug costs would bolster the program’s finances through 2050. The plan was unveiled by Biden in an op-ed for the New York Times two days before the official budget release.
The nonpartisan Committee for a Responsible Federal Budget, responding to Biden’s proposal, praised the Medicare measures but said it was “extremely disappointed it neglects Social Security, putting seniors’ benefits at risk.”
Andrew Biggs, a senior fellow at the conservative-leaning American Enterprise Institute, told ABC News the budget is “scant on details regarding Social Security.”
Asked during Friday’s press briefing why a solvency pitch wasn’t included in the budget, Office of Management and Budget Director Shalanda Young said, “We’re trying to protect the benefits that are there now.”
“I wish we were at the point of the debate where we could sit down and come up with proposal to extend [solvency]. Unfortunately, it’s clear some people want to go backwards … You’re assuming all players are starting from the same place, they’re not,” Young said.
The problem for Biden, experts said, is that he’s vowed not to cut any benefits and to not increase taxes on those making under $400,000 per year — which will make it extremely difficult to balance the program’s finances long-term.
“Under the parameters that President Biden has set out, it’s almost mathematically impossible,” Biggs said.
During the 2020 campaign, Biden proposed upping the payroll tax to 12.4% for Americans making more than $400,000 per year, among other changes, to help Social Security’s funding shortfall. An analysis by the public policy think tank Urban Institute found those changes would extend Social Security’s solvency just five years.
“To fix the problem, what he’d have to do is he’d have to find more money or he’d have to cut benefits,” Richard Johnson, the director of the Urban Institute’s Program on Retirement Policy, told ABC News.
“Changes to Social Security have always been bipartisan, and so it might not be something that he wants to do on his own because it will probably involve some pain,” Johnson said.
The 2024 budget stated the administration looks forward to “working with Congress to responsibly strengthen Social Security by ensuring that high-income individuals pay their fair share.”
Republicans have been critical of Biden’s new budget proposal, rejecting any tax increases.
GOP leaders have said Social Security and Medicare will not be touched during negotiations on the debt limit, though some in the party have previously called for cuts and others have advocated for changes to benefit formulas or the eligibility age.
Treasury Secretary Janet Yellen, testifying on the budget on Capitol Hill Friday, was asked by Democratic Rep. John Lawson about payroll tax increases for those earning over $400,000 per year to help fund Social Security.
“I think it is about fairness and I think hardworking Americans who have counted on Social Security and paid into it their entire lives and depended on it as their major source of income in retirement, I think we need to make sure that it’s there for them,” Yellen said. “And we look for additional revenue to Americans with very high incomes, many of whom in total pay less taxes than a teacher or a firefighter.”
Author Profile
-
JK News Live is a platform where you find comprehensive coverage and up-to-the-minute news, feature stories and videos across multiple platform.
Website: www.jknewslive.com
Email: [email protected]
Latest entries
KashmirNovember 17, 2024Abduction Or Killing Of A Social Media Influencer In Shopian Baseless: Police
KashmirNovember 16, 2024Amid NC-Cong 370 debate, Farooq Abdullah says alliance will stay strong
KashmirNovember 16, 2024J&K Panchayat polls soon after improvement in weather: LG Manoj Sinha
KashmirNovember 16, 2024Snowbound at Zojila: Rescue Operation Underway
JK News Live is a platform where you find comprehensive coverage and up-to-the-minute news, feature stories and videos across multiple platform.
Website: www.jknewslive.com
Email: [email protected]
Good day! I could have sworn I’ve been to this site before but after reading through some of the post I
realized it’s new to me. Anyways, I’m definitely glad I found
it and I’ll be bookmarking and checking back frequently!
You can see similar: e-commerce and here e-commerce
It’s very interesting! If you need help, look here: hitman agency
Keep on writing, great job! I saw similar here: sklep internetowy and
also here: sklep
I really like your blog.. very nice colors & theme. Did you design this website yourself or
did you hire someone to do it for you? Plz reply as I’m looking to design my own blog and would like to find out where u got this
from. appreciate it I saw similar here: Sklep internetowy
I think that everything composed was very logical.
However, what about this? what if you wrote a catchier post title?
I mean, I don’t want to tell you how to run your website,
but suppose you added a headline that grabbed folk’s attention? I mean Biden’s 2024 budget
doesn’t include plan to shore up Social Security’s finances – JK News Live is kinda boring.
You should peek at Yahoo’s home page and watch how
they write article headlines to grab viewers interested.
You might try adding a video or a picture or two to grab readers interested
about what you’ve got to say. In my opinion, it might make your blog a
little livelier. I saw similar here: Sklep
I loved as much as you will receive carried out right here.
The sketch is tasteful, your authored material stylish. nonetheless, you command get got an edginess over that you
wish be delivering the following. unwell unquestionably come more formerly again since exactly the same
nearly very often inside case you shield this increase. I saw similar here: Sklep internetowy
Hello, I would like to subscribe for this blog to take most recent updates,
thus where can i do it please assist. I saw similar here: Sklep online
Hello! Do you know if they make any plugins to help with Search Engine Optimization?
I’m trying to get my blog to rank for some targeted keywords but I’m not seeing very good results.
If you know of any please share. Thank you! You can read similar art here: Sklep online
It’s very interesting! If you need help, look here: ARA Agency
l free to adjust these comments as needed to better fit the specific blog posts you’re responding to!dashdome
I always look forward to your new posts. You have a way of making even the most complex topics easy to understand. Excellent job!swiftnook
You made some decent points there. I looked on the net for the problem and discovered most individuals is going together with together with your internet site.
Excellent weblog here! after reading, i decide to buy a sleeping bag ASAP
You made some decent points there. I looked on the internet for the issue and found most people goes along with with your site.
i love to watch movies that made it to the box office, they are usually great movies with good story`
I am speechless. This is a superb weblog and very engaging too. Nice work! That’s now not actually so much coming from an newbie publisher like me, but it’s all I could say after diving into your posts. Nice grammar and vocabulary. No longer like other blogs. You in point of fact realize what you?re talking approximately too. Such a lot that you simply made me want to discover more. Your blog has develop into a stepping stone for me, my friend.
hey there and thank you for your information — I’ve certainly picked up anything new from right here. I did however expertise a few technical points using this website, as I experienced to reload the site many times previous to I could get it to load correctly. I had been wondering if your hosting is OK? Not that I am complaining, but slow loading instances times will sometimes affect your placement in google and could damage your quality score if ads and marketing with Adwords. Anyway I’m adding this RSS to my email and can look out for a lot more of your respective intriguing content. Ensure that you update this again very soon..
some hair straighteners that use chemicals are very harsh to the hair, that is why you should be careful with those.,
I’d must verify with you here. Which isn’t something I often do! I take pleasure in reading a post that may make people think. Additionally, thanks for allowing me to comment!
I respect your piece of work, thanks for all the informative articles .