When Biden formally unveiled the budget in Philadelphia, his message focused purely on protection. “I guarantee you I will protect Social Security and Medicare without any change,” he said. Biden's plan for Social Security is missing from his budget:
President Joe Biden speaks about his 2024 proposed budget at the Finishing Trades Institute, in Philadelphia on Thursday, March 9, 2023.
That proposal has vanished from Biden’s governing agenda, even though the program has become a focal point in a brewing battle over raising the nation’s debt limit. The president has spent months warning that Republican lawmakers plan to gut Social Security and has positioned himself as the program’s champion who will protect benefits for generations of retirees.
That position is based in part on history: Presidents and candidates for the White House have struggled for decades to sell voters and lawmakers on plans to change the program.But some of Biden’s advisers also see a limit to the amount of tax increases that the public is willing to digest.
On Thursday, when the president formally unveiled the budget in Philadelphia, his message focused purely on protection.The president proposed a raft of changes to Social Security during the 2020 campaign, aimed at enhancing and stabilizing the program. The 12.4% payroll tax that helps fund the program applies to income up to about $160,000 a year. Biden proposed to lift that cap for incomes above $400,000 a year, effectively forcing high earners to pay significantly more in payroll taxes.
The plan was a response to a broader challenge that economists and budget experts across the partisan spectrum have increasingly sought to highlight: the growing struggle faced by a wide swath of American workers in affording a stable and secure retirement. Budget hawks attacked Biden for failing to go further. They said his inaction left the program vulnerable to an across-the-board benefit cut of as much as 20% if the trust fund runs out of money in 2034 as currently forecast.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Social Security: How to avoid Social Security scamsToday is 'Slam the Scam Day' -- designated by SocialSecurity as a means to raise awareness of government scams. The SocialSecurity has warned of a number of ways scammers will try to swindle Social Security recipients. Here's what you need to know.
Weiterlesen »
Biden’s Budget Shows the Rising Cost of Leaving Medicare and Social Security UntouchedPresident Biden’s proposed budget assumes no cuts in Medicare and Social Security for the oldest Americans—and as a result their costs would continue to escalate
Weiterlesen »
Social Security cuts vs. tax hikes: The Biden budget battle lines are drawnThe battle lines for 2024 are already drawn as the debt ceiling fight looms. For as much as politics have changed in the last eight years, the argument between POTUS and SpeakerMcCarthy is one that Ronald Reagan and Tip O’Neill would have recognized.
Weiterlesen »
Social Security update: Second of March's double direct payments worth $914 arrives in 23 daysSupplemental Security Income beneficiaries will receive the second of two payments arriving in March in 23 days.
Weiterlesen »
Social Security update: Direct payment worth up to $4,555 to be sent to millions todaySome beneficiaries of the Social Security Administration's retirement payments, worth up to $4,555, received their March retirement benefits Wednesday.
Weiterlesen »
Terry Savage: Social Security Administration makes huge mistakesIf Social Security miscalculated and underpaid you for many years, you might never find out. But these days, many people are getting letters from Social Security saying they have been overpaid for many years.
Weiterlesen »