This President Biden’s Quote Sums Up His Entire View on Social Security
Social Security is one of the most significant government benefits programs ever created. It’s also quite popular.
For years, lawmakers have been talking about changing the entitlement program in an effort to strengthen its financial situation. That’s because the trust fund that funds Social Security is expected to run out of money in 2034, triggering a 22% reduction in payments.
It’s crucial to understand the White House’s position on Social Security for those concerned about its future. And the easiest method to do so is to read this statement by President Joe Biden, which illuminates his feelings regarding Social Security.
Joe Biden Quote on Social Security
If you’re concerned about Social Security’s future, here’s the Joe Biden phrase you need to know. The statement was made at a CNN town hall in New Hampshire prior to the 2020 New Hampshire presidential primary, which was held on February 5th of that year.
At that town hall, when asked how he would protect Social Security, Biden said “There are two pieces to the protection. Number one, I’m going to make sure that we are able to have Social Security for the students here when their time comes. Number two, I’m going to make sure that those folks who lost a spouse, or Social Security payment was reduced, or they’re outliving way beyond their coverage, that they can have it raised.”
The second line in this Biden statement is important because it demonstrates how strongly he believes in the importance of Social Security. The president also followed up his statements by releasing comprehensive policy proposals on his campaign website, including ones to accomplish the following:
- The COLA increase would apply to new recipients beginning 20 years after their first month of benefits. This is because Cost of Living Adjustments, intended to keep benefit payments in line with inflation, have failed.
- Increase survivor benefits for individuals who lost close to half of their family income when a spouse died. This is required since, in dual-earner households where both spouses earned close to the same money, each spouse would receive the same Social Security payments – one of which would end when the first spouse died.
- To help strengthen Social Security’s trust fund, Biden should charge payroll taxes on those making more than $400,000. People pay Social Security tax only up to the wage base limit of $147,000 in 2022, which is why Biden should ask some of the wealthiest individuals to contribute more money to preserve Social Security.
We don’t yet know whether President Biden will be able to get any of these ideas into legislation that can pass Congress. However, the president’s statement indicates that he is dedicated to resolving Social Security issues by increasing rather than limiting benefits.
The potential of the program to benefit people who are just starting out and share similar circumstances with those receiving benefits under the current system is enormous. His clear support for extending other perks and safeguarding the program’s future should be reassuring to anybody concerned that retirement benefits may not be available to them or may not do enough for them in their later years.