X

Here’s How Much America’s Rising Income Inequality Is Costing Social Security

President Trump talks to reporters during a meeting with members of his cabinet, February 2019. Credit: Chip Somodevilla, Getty

Just a few weeks into the 116th Congress, Democrats’ takeover of the House of Representatives has already exposed the huge gulf between what American voters want and what the previous House leadership and the Trump administration have thrust upon them in recent years. Congressional Democrats’ bold agenda—such as higher taxes on the richuniversal health care, and expanding Social Security—has strong support not just among progressives but also across party lines. This popularity is a direct rebuke to Trump’s and his congressional colleagues’ massive 2017 tax giveaway to the wealthy and corporations; Trump’s ongoing efforts to sabotage the Affordable Care Act (ACA) and Medicaid; and Trump’s and congressional Republicans’ continued efforts to cut Social Security.

Perhaps nowhere is the gulf between voters’ wishes and the policies Trump and his colleagues in Congress are pursuing greater than when it comes to Social Security—a program that voters overwhelmingly want to see expanded rather than cut. A 2017 Pew Research Center poll found that 95 percent of Democrats and 86 percent of Republicans preferred to maintain or expand Social Security. Yet, despite promising not to cut Social Security on the campaign trail, President Donald Trump’s fiscal year 2019 budget would have slashed $72 billion from the program—cruelly targeting people with disabilities—over the coming decade. And Senate Majority Leader Mitch McConnell (R-KY) and then-House Speaker Paul Ryan (R-WI) didn’t even wait until the ink was dry on their $2 trillion tax giveaway to begin insisting that everyday Americans face cuts to Social Security to pay for their deficit-busting tax bill.

Fortunately, American voters finally have champions in the growing chorus of Democratic lawmakers calling for expanding Social Security. Their approach fits seamlessly into the growing calls for higher taxes on the wealthy from congressional leaders and 2020 presidential contenders: It pairs benefit increases with commonsense revenue raisers such as lifting the payroll tax cap so that higher earners pay into Social Security all year, just like other workers do. This is a move that more than two-thirds of Americans support and reflects the common desire of both voters and progressive policymakers to tackle the nation’s sky-high inequality by putting everyday workers and families—not the uber-rich—first.

View the complete February 13 article by Rachel West on the Center for American Progress website here.

Data and Research Manager: