Tag: Social Security

Another urgent item for Biden’s to-do list: The looming Social Security funding crisis

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The effects of the pandemic and the recession could accelerate shortfalls in trust funds

When you inherit a mess, as President Biden has, everyone needs you to make their issue a priority.

The coronavirus is still spreading, causing thousands of deaths each day, and we can’t get enough vaccine in the arms of people to stop it or at least slow it down.

People are struggling to pay their rent or mortgages or put food on the table. Last week, 900,000 people filed new unemployment claims. Continue reading.

Warnings of ‘unconstitutional’ assault on Social Security as Trump threatens unilateral suspension of payroll tax

AlterNet logoPresident Donald Trump confirmed Tuesday that he is considering circumventing Congress to unilaterally suspend collection of the payroll tax, a move advocacy groups and lawmakers said would be an “unconstitutional” abuse of power and a destructive attack on Social Security funding.

Trump said during a Covid-19 press briefing that his administration is examining a variety of potential executive orders should Congress fail to reach an agreement on the next stimulus package by the end of the week, a deadline Democratic leaders and the White House set on Tuesday.

“We are looking at it,” the president said of an executive order to extend enhanced unemployment benefits that expired last week. “We’re also looking at various other things that I’m allowed to do under the system, and—such as the payroll tax suspension. And so we’re allowed to do things.” Continue reading.

Coronavirus economy drains Social Security, Medicare coffers

Pandemic “is going to make things worse faster” for already troubled trust funds, experts say

Call it another casualty of the COVID-19 pandemic.

The Social Security and Medicare trust funds, already in ill health, are about to become sicker from the coronavirus. The economic recession triggered by the pandemic means a drop in payroll tax revenues that finance the trust funds.

While projections vary and remain highly uncertain, economists and policy analysts across the ideological spectrum say the trust funds are now likely to deplete their reserves at a quicker pace than they would have before the pandemic hit. The net effect could shave years off the time lawmakers have to find a financial fix for the trust funds before they become insolvent. Continue reading.

On The Trail: Democrats plan to hammer Trump on Social Security, Medicare

The Hill logoDemocrats are dusting off a well-worn playbook as they prepare to launch their campaign against President Trump, revisiting a debate over entitlement spending that is almost as old as the social programs that make up so much of the nation’s budget.

The plan to accuse Trump of plotting a raid on Social Security and Medicare has worked for both Democrats and Republicans before. Recalling those old battles offers a hint of what Americans will see on their television screens and in their mailboxes this year, ahead of November’s presidential election.

Trump himself handed Democrats the tools they will use to warn of his future actions. In an interview last month on the sidelines of the World Economic Forum in Davos, Trump told CNBC anchor Joe Kernen that cutting entitlement programs would be an option if he wins a second term. Continue reading.

Trump is a brazen liar about Social Security

AlterNet logoIn his State of the Union address, Donald Trump claimed that “we will always protect your Social Security.” But just two weeks ago, Trump said just the opposite. He was in Davos, hobnobbing with Wall Street billionaires. While there, he sat for an interview with CNBC’s Joe Kernen, who asked him if “entitlements” would “ever be on your plate.”

“At some point, they will be,” Trump replied.

The word “entitlement” is how Washington elites refer to Social Security, as well as Medicare and Medicaid. Having “entitlements” “on your plate” is Washington insider-code for cutting these vital programs. Insider code is necessary because cutting Social Security, Medicare, and Medicaid is not only terrible policy but also deeply unpopular even with Trump’s base. Continue reading.

For Labor Day, Trump Attacks Workers And Social Security

Labor Day is a holiday designed to honor America’s workers. Instead, Donald Trump continues to attack them. Indeed, his administration is in the midst of a stealth effort that not only attacks workers but also our earned Social Security benefits and our federal government. The long-term goals of Trump and his Congressional allies are to destroy the labor movement, wreck the federal government, and end Social Security.

That may sound hyperbolic, but it is not. Trump’s latest stealth attack is not only anti-union, it will eventually make it so difficult to access Social Security benefits that some beneficiaries (particularly those attempting to qualify for their earned Social Security disability benefits) never receive them at all. Others will eventually claim their benefits, but only after an unnecessarily burdensome process of visiting field offices that are rarely open and have hours-long lines when they are.

For Republicans, that’s all according to plan. Trump and his Congressional allies are intentionally breaking our government so they can turn around and say that it doesn’t work.

View the complete August 31 article by Nancy Altman from AlterNet on the National Memo website here.

Having Sworn To Protect Social Security, Trump Is Scheming To Cut It

Donald Trump’s recent budget proposal included billions of dollars in Social Security cuts. The proposed cuts were a huge betrayal of his campaign promise to protect our Social Security system. Fortunately for Social Security’s current and future beneficiaries, he has little chance of getting these cuts past the House of Representatives, which is controlled by Democrats.

So Trump and his budget director/chief of staff Mick Mulvaney, who has long been hostile to Social Security, are trying another tactic to cut our earned benefits. They are pursuing a long game to reach their goal. In a divide-and-conquer move, the focus is not Social Security. At least, not yet.

Last week, the Trump administration revealed that it is planning to employ the so-called chained Consumer Price Index (CPI) in a way that does not need congressional approval. “Chained CPI” might sound technical and boring, but anyone who has closely followed the Social Security debate knows better. It has long been proposed as a deceptive, hard-to-understand way to cut our earned Social Security benefits.

View the complete May 25 article by Nancy Altman on the National Memo website here.

Social Security helped slash elderly poverty to 9.2 percent in the 20th century – that triumph is now in jeopardy

In 1959, more than a third of all elderly Americans lived in poverty. Slashing that number to under 10 percent by the late 1990s was among the great U.S. triumphs of the 20th century. Social Security deserves a large share of the credit.

I believe eliminating old-age poverty entirely could one day be deemed a triumph of the 21st century. Even sustaining it at 10 percent would be a significant achievement.

But that meager goal is in serious jeopardy. My research shows more Americans are increasingly struggling to save enough for their later years. And one of the main ways they have left, Social Security, is just 15 years away from going broke.

View the complete November 26 article by David W. Rasmussen, James H. Gapinski Profession of Economics at Florida State University on the Conversation website here.

Republicans Run On Fear, Democrats Run On Protecting Health Care, Medicare & Social Security

Democrats have a clear message for Election Day: they are running to protect health care, Social Security and Medicare from Republican attempts to gut these vital programs. Republicans, on the other hand, have turned to a campaign strategy of fear and outright lies in order to get votes. The contrast couldn’t be clearer.

Democrats are running on protecting health care, Medicare, and Social Security from Republican attacks.

Yahoo News: “Democrats 2018: It’s the health care, stupid”

NBC News: “Democrats find new ways to talk about entitlement cuts in campaign’s closing days”

Washington Post: “As midterms near, Democrats accuse GOP of plotting to cut Medicare, Social Security”

Washington Examiner: “Democrats warn voters: The GOP is coming for your Social Security, healthcare”

Vox: “Half of 2018’s Democratic campaign ads are about health care”

Trump and Republicans are using fearmongering and lies to get votes.

CNN: “Trump’s midterm campaign of fear”

Washington Post: “Trump and Republicans settle on fear — and falsehoods — as a midterm strategy”

New York Times: “Trump and G.O.P. Candidates Escalate Race and Fear as Election Ploys”

MSNBC: “Trump, GOP look to stoke fear in base to goose election turnout”

Toronto Star: “Donald Trump’s strategy as midterms approach: lies and fear-mongering”

DNC on McConnell Confirming Republican Goal to Cut Medicare, Medicaid and Social Security

In response to Senate Majority Leader Mitch McConnell saying the budget deficit increase is “disturbing” and suggesting cuts to Medicare, Medicaid, and Social Security programs were the only way to pay for it, DNC spokesperson Daniel Wessel released the following statement:

“The deficit increase is ‘disturbing’ because of the trillion-dollar tax break Trump and Republicans gave to the rich and big corporations. The Trump tax law was always a scam, and now Republicans are suggesting taking seniors and middle-class families to the cleaners by gutting Medicare, Medicaid, and Social Security to help pay for it.

“Make no mistake: These vital programs are on the ballot this November. The only thing left for Americans to do is vote.”